SEATTLE (polymers.in): Crude oil prices on Monday had risen to their best levels of the year after Russian President Vladimir Putin said he hoped the OPEC cartel of oil-producing countries reached an agreement over production limits.
Global crude oil stocks draw may have hit five-year high in Q3: IEA
- Global crude stocks may have been fallen by almost 700,000 bbl/day during the Q3.
- China’s strategic stocks may have grown by an average 700,000 bbl/day during the first half of the year.
Oil Holds Above USD 50 Amid Uncertainty Over Russia Supply Stance
- Futures were little changed after declining 1.1% Tuesday.
- Oil rose to a 15-month high Monday after Saudi Arabia expressed optimism that a deal could be finalized to cut output and Russia signaled support.
- WTI for November delivery was at USD 50.90/bbl.
- Brent for December settlement rose 21 cents to USD 52.62/bbl.
Saudi Arabia Sees Its Oil Reserves Lasting Another 70 Years
- Saudi Arabia plans to sell at least USD 10 billion in bonds maturing in 5, 10, and 30 years.
- The kingdom could sell stakes either in Saudi Aramco, which held about 261 billion bbl of total Saudi reserves.
US Shale Oil Output Seen Surging If Crude Reaches USD 60 a Barrel
- Crude at USD 60/bbl would probably trigger a strong increase in North American oil output.
- Brent crude hit a one-year high above USD 53/bbl on Monday.
- Brent slid from more than USD 115/bbl in June 2014 to less than USD 28 in January this year.
Stocks Rise With Oil on Prospect of OPEC Deal; Mexico Peso Jumps
- Stocks rose with oil amid optimism crude producers will work to cut output and ease a supply glut.
- The S&P 500 Index rose 0.5% to 2,163.66.
- Exxon Mobil Corp. advanced to a one-month high, driving S&P 500 energy stocks to their highest point since July 17.
Rosneft mulls 1 million MT oil products delivery to Turkey's Demiroren
- Russia’s Rosneft has signed a heads of terms with Turkey’s Petrocas Energy and Demiroren Group to increase the supply of oil products to Turkish markets.
Japanese Shares Rise to Four-Month High as Oil Prices Climb
- Topix index rose 0.4%, halving earlier gains.
- The rise in oil prices and the weaker yen is having a large impact on Japanese shares.
- Nikkei gained 1%.
- Japan’s August current account surplus was at 2 trillion yen.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
US ethylene margins fall on lower spot, higher feedstock
- Ethylene spot prices fell by 8.5% week on week.
- Spot ethylene margins also fell as feedstock ethane costs surged by 7.5% on stronger demand.
- Ethylene spot price decrease and feedstock ethane cost increase outweighed the 4.3% gain in cracker co-product credits.
Long supply, weak downstream sectors weigh on Asia PX market
- Prices of PX were struggling to climb past USD 800/MT CFR Taiwan and China despite the strength in the upstream crude oil market.
- Regional PX prices inched up USD 2/MT from the previous session to USD 798 - 804/MT CFR Taiwan and China.
Polymers Price-Intl. Prices
- Brent crude oil USD 53.06
- Propylene USD 845 CFR China
- Ethylene USD 1100 CFR NEA
- Naphtha USD 450 CFR Japan
- Styrene USD 990 CFR China
Courtesy: www.polymers.io
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