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Oil & Gas January 06, 2017 01:00:35 AM

First trading day of 2017 sees crude oil at 18-month highs

Polymers
ScrapMonster Contributor
The first trading day of 2017 saw crude oil prices at 18 month highs amid hopes than an output cut deal by OPEC and other oil exporters that comes into effect January 1, 2017.
First trading day of 2017 sees crude oil at 18-month highs

SEATTLE (polymers.in):  The first trading day of 2017 saw crude oil prices at 18 month highs amid hopes than an output cut deal by OPEC and other oil exporters that comes into effect January 1, 2017. 

US fuel oil outright prices, crack spreads hit multi-year highs despite mixed demand
- Bidding interest for USAC 3% fuel oil to the front-month ICE Brent futures contract was assessed at USD 5.62/bbl.
- The discount of USAC 3% fuel oil to the front-month ICE Brent futures contract was assessed at USD 5.62/bbl. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene supply feedstock cost advantages to increase US polyethylene export volumes
- The significant US ethylene supply and US ethylene supply and US ethylene feedstock cost advantages will increase US PE production beyond domestic demand and support export volumes until 2020.
- Excess North American PE production available for export will be 6 - 9 billion pounds within the 2016 - 2020. 

Asia PX outlook depends on new capacity
- Asia PX market fundamentals for 2017 will likely hinge new production capacities coming on stream and on downstream PTA restarts.
- Nghi Son Refinery and Petrochemicals could still bring its 680,000 MT/year PX unit on stream in the Q3 of 2017.
- In 2017, an additional 3.4 million MT/year of new PX capacity is expected to come on stream in the region.

US And China In 2017: Political Risk Analysis Is Essential
- China has been taking out massive amounts of money & wealth from the US in totally one-sided trade, but won’t help with North Korea.
- Mr. Trump’s ability to deliver on his election promise has to also be in question because of the long-term rise of automation. 

Market share of American PVC shrinks in Turkey, grows in China-American PVC
- Turkey imported almost 71,000 tons of PVC from the US in the first 11 months of 2016.
- Imports of US PVC, show an opposite trend as this origin raised its market share in January - November 2016 to more than 235,000 tons.

Polymers Supply
China' Pucheng Clean Energy Chemical closed operations at its PP Plant.

Courtesy: www.polymers.io

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