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Oil & Gas March 20, 2017 01:00:01 AM

Crude near USD 49 as glut worries persist after US supply drop

Polymers
ScrapMonster Contributor
OPEC and its allies may prolong production cuts after they expire in June if the world’s crude inventories remain excessive.
Crude near USD 49 as glut worries persist after US supply drop

SEATTLE (polymers.in):  Saudi Arabia Says Oil-Supply Cuts May Be Extended If Necessary
- OPEC and its allies may prolong production cuts after they expire in June if the world’s crude inventories remain excessive.
- OPEC reduced their February output by 240,000 bbl/day from October to November levels. 

Crude Near USD 49 as Glut Worries Persist After US Supply Drop
- Oil traded near USD 49/bbl as Saudi Arabian Energy Minister Khalid Al-Falih expressed concern about high global inventories.
- Futures traded in a USD 1.17/bbl range.
- WTI crude for April delivery fell 11 cents to settle at USD 48.75/bbl.
- Brent for May settlement decreased 7 cents to end the session at USD 51.74/bbl. 

OPEC says oil stocks still increasing, Saudis raise output
- OPEC said oil inventories have risen despite a global deal to cut supply and raised its forecast of production in 2017. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Dow expansion in Freeport nearing completion, ethylene plant to come online midyear
- Dow Chemical Co.’s multibillion-dollar expansion in Freeport is nearing completion.
- Dow’s nearly completed ethane cracker will process ethane into 1.5 million tea of ethylene.

Polymers Price
Polypropylene (PP) prices witness a fall in Asia
- CFR Far East Asia prices of PP raffia and PP injection were assessed down at USD 1025/MT levels, a fall of USD 20/MT form the previous week. PP film prices were assessed at USD 1045/MT levels while BOPP prices were also assessed at USD 1045/MT levels, both down USD 20/MT on the week. PP block copolymer prices were assessed lower at USD 1100/MT, a week on week decline of USD 20/MT.
- In South East Asia, PP raffia and PP injection prices were assessed down at USD 1110/MT CFR levels, a week on week drop of USD 20/MT. PP film prices were assessed at USD 1130/MT levels while BOPP prices were also at USD 1130/MT levels, both down USD 20/MT from the previous week. PP block copolymer prices were assessed lower at USD 1170/MT CFR levels, a fall of USD 20/MT on the week.

Polymers Supply
PE imports to Russia rose by 10% in the first two months of 2017
- Overall imports of PE into the Russian market increased in the first two months of 2017 by 10% year on year to 69,500 MT.
- February PE imports to the Russian market rose to 38,700 MT, compared to 30,800 MT a month earlier. 

China imports of S Korea PP to fall amid diplomatic tensions
- China’s PP imports from South Korea are likely to fall in the near term amid diplomatic tensions between the two countries. 

ExxonMobil Singapore shut PE & PP plants for maintenance
- ExxonMobil Chemical has taken off-stream its PE and PP plants in Jurong Island in Singapore.

Courtesy: www.polymers.io

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