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Oil & Gas February 17, 2017 01:00:59 AM

Oil closes near USD 53 as record US supply counters OPEC cuts

Polymers
ScrapMonster Contributor
India’s USD 2 trillion economy imports more than 80% of its crude requirement.
Oil closes near USD 53 as record US supply counters OPEC cuts

SEATTLE (polymers.in):  India Taps Newcomers to Unlock USD 7 Billion Oil and Gas Assets
- Sun Pharmaceuticals Industries Ltd., and Megha Engineering and Infrastructure Ltd. were among 15 new entrants out of 22 companies that have received rights to develop the fields.
- India’s USD 2 trillion economy imports more than 80% of its crude requirement. 

Libya Crude Output Rises as Work Conditions for Big Oil Improve
- The North African country’s crude production is due to reach 1.2 million bbl/day by August and 1.7 million by March 2018.
- North Africa pumped 1.6 million bbl/day before a 2011 revolt set off years of fighting between rival governments and militias. 

Alaska Oil Bust Threatens Life of Few Taxes and Dividend Checks
- Alaska has burned through USD 13 billion of savings over the past four years and is facing a USD 3 billion shortfall for the year that starts in July. 

Oil Closes Near USD 53 as Record US Supply Counters OPEC Cuts
- American crude supplies climbed 9.53 million bbl to 518.1 million.
- Oil has traded above USD 50/bbl since the OPEC and 11 other countries started trimming supply on January 1.
- WTI for March delivery slipped 9 cents to settle at USD 54.11/bbl.
- Brent for April settlement decreased 22 cents to USD 55.75/bbl. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Paraxylene prices hit 19-month high in Asian markets
- Asian PX prices gained USD 9/ton CFR Taiwan/China and FOB Korea in the first week of February.
- US spot PX rose USD 10/ton FOB USG while spot mixed xylene February pricing fell US cent 1/gallon FOB USG.
- European PX spot jumped USD 33 - 50/ton while initial contract price settled at an increase of EUR 50 - 55/ton from the split settlement of January.

MEG price inches up across all regions
- Asian MEG prices inched up USD 5/ton CFR China and CFR South East Asia marker in the first week of February.
- European February MEG contract price settled at an increase of EUR 119/ton FD NWE.
- US spot MEG reached a fresh 19 month which was up US cent 1.25/pound FOB USG from last week.

Polymers Demand
CFR Japan naphtha peaks to 19 month high on robust demand from petrochemical sector
- CFR Japan naphtha price peaked to a 19 month high at USD 528.6/MT.
- CFR Northeast Asia ethylene - CFR Japan naphtha spread widened to the highest level in nearly  five months at USD 778/MT. 

Global Staples PP non-woven fabric market to register CAGR of 6.9% by 2020
- Global staples PP non-woven fabric market is expected to reach USD 9.02 billion by 2020. 

Global Polypropylene foams market to register CAGR of 5.78% from 2016 to 2021
- Global PP foams market is projected to reach USD 1.27 billion by 2021 at a CAGR of 5.78% from 2016 to 2021. 

Global market for low smoke halogen free flame retardant Polypropylene to reach USD 664 million by 2020
- The global low smoke halogen free flame retardant PP market is expected to reach USD 664 million by 2020. 

Europe's PET question
- EU confirmed that anti-dumping duties on PET originating from China would be removed as of 8 February 2017.
- PET offers were heard at USD 1020 - 1040/MT FOB China. 

SE Asia PP at 18-month high; to stay bullish on tight supply
- Spot prices of dutiable cargoes of PP flat yarn broke the USD 1,100/MT mark on 10th February.
- Spot offers for dutiable PP flat yarn cargoes were quoted at as high as USD 1140 - 1160/MT CFR SE Asia. 

Polymers Supply
Russian PVC production increases by 4% in January 2017
- Russia’s unmixed PVC production reached 78,900 MT in January 2017.
- January production of unmixed PVC in Russia grew to 78,900 MT, compared with 75,700 MT in January 2016 and 84,000 MT in December 2016.

Courtesy: www.polymers.io

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