SEATTLE (polymers.in): The Russian ruble is climbing along with oil
- The Russian petri-currency is up by 1.1% at 57.3548/dollar.
- Brent crude oil is higher by 1.1% at USD 56.19/bbl.
- USD dollar index is down by 0.2% at 100.79.
- EUR is up by 0.2% at 1.0624 against the dollar.
Hedging is about to make a comeback on global crude oil markets
- Global airlines and shipping companies are expected to flock back into oil hedging in a low but rising crude oil.
- Increase in US production now threatens to undermine efforts by the OPEC and some non-members to reduce the global oversupply of oil.
Oil stable on OPEC-led cuts, but market remains range-bound
- Brent crude futures LCOc1 were trading at USD 55.63/bbl, up 4 cents from their last close.
- US WTI crude was up 4 cents at USD 52.97/bbl.
OPEC Wins Plaudits for Oil Recovery, Yet Economy Lends a Hand
- Global oil consumption will surpass average growth rates for a third year in 2017 amid continued economic expansion in China and India.
OPEC reports big Saudi oil cut, boosting compliance with deal
- OPEC producer Said Arabia made a large cut in its crude output in January to support prices and lessen a glut.
China Jan crude oil imports at 34.03 million MT, down from Dec's record
- China imported 34.03 million MT of crude in January, down 6.5% from the record high of 36.38 million MT in December despite surging 27.5% on the year.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene prices in Asia witness a steep rise
- FOB Korea prices of ethylene were up at USD 1245/MT levels, a surge of USD 80/MT from the previous week.
- CFR North East Asia prices of ethylene were assessed higher at USD 1295/MT mark, a week on week spike of USD 60/MT.
- CFR South East Asia prices were assessed up at USD 1105/MT levels, a sharp increase of USD 35/MT on the week.
NWE naphtha cargoes at six-week low versus swap on slower spot buying
- CIF NWE naphtha physical cargo was assessed USD 11.50/MT lower at USD 501.50/MT Monday.
- CIF NWE naphtha cargoes were assessed at a 19-month high of USD 513/MT.
Dow to raise PE prices in Brazil by Real 400/MT
- Dow will implement a USD 130/MT increase on all PE grades sold in Brazil, effective March 1.
- Domestic Brazilian PE prices at Real 5,370/MT HDPE film on February 8.
CFR Japan naphtha price hits 19-month high on petchem demand
- CFR Japan naphtha price hit a 19-month high on Monday at USD 528.625/MT.
- CFR Northeast Asia ethylene CFR Japan naphtha spread widened to the highest level in nearly five months at USD 778/MT last Friday.
PP prices south-east Asia
- Southeast Asia spot prices for dutiable PP yarns and fibers overcome the level of USD 1100/MT.
- Middle East PP in Southeast Asia have been limited and have reached on the spot USD 1140 - 1160/ton.
Petkim PP LDPE HDPE
- Turkish manufacturer raised the price of PP-homo grade raffia, injection and PP fibers for USD 40/MT.
- Prices of HDPE injection and blow up at USD 30/ton, HDPE film at USD 65/ton, HDPE pipe increased by USD 17/ton.