SEATTLE (polymers.in): Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports.
- Integrated oil companies such as, Exxon, Chevron Corp, BP Plc, Royal Dutch Shell Plc and ConocoPhillips could also be hit.
Crude oil has lost its overnight surge
- Crude oil futures rallied to their strongest level in 18 months on Tuesday.
- OPEC reached its first production deal in eight years, vowing to lower output by 1.2 million bbl/day to boost prices.
- WTI gained as much as 2.4% to USD 55.01/bbl before slumping 1% tot rate near USD 53.17.
- Brent crude rose 2.3% to as high as USD 58.15.
Intraday Trade : Crude prices rise sharply. Brent up at USD 58.03 (+2.13%). WTI up at USD 54.94 (+2.27%).
OPEC Dismisses American Shale Oil
- If American shale oil increases in 2017, OPEC will have difficulty achieving a balance.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Propylene prices edge lower in Asia
- FOB Korea prices were assessed down at USD 860/MT levels, a drop of USD 5/MT last Friday’s assessed levels.
- CFR China prices of propylene were assessed lower at USD 920/MT levels, a fall of USD 5/MT from last Friday.
Ethylene prices edge lower in parts of Asia
- CFR South East Asia prices were assessed down at USD 975/MT levels, a decline of USD 5/MT from the previous week.
- CFR North East Asia prices of ethylene were assessed steady at USD 1135/MT mark.
Asian paraxylene margins rose in 2016; PX-naphtha spread 12% wider on year
- The crucial spread between PX and feedstock naphtha widened by USD 42.40/MT, year on year from an average of USD 353.30/MT in 2015 to USD 395.70/MT in 2016.
- CFR Taiwan/China PX and FOB Korea isomer-MX widened 4.8% year on year to average USD 147.03/MT in 2016.
OUTLOOK 2017: Uncertainty and optimism ahead for European PVC
- The overall outlook for European PVC in 2017 is for stable to slightly increasing demand and steady supply conditions.
- PVC market expectations were mildly positive for demand and business conditions in 2017.
PP plant taken off-stream by Sinopec Jingmen
- Sinopec Jingmen Petrochemical has halted operations at its PP plant.
- Sinopec was taken off-stream for a scheduled maintenance turnaround on December 15 2016 and it will remain shut until January 3, 2017.