Oil falls after API said to report US crude stockpile gain

SEATTLE (polymers.in):  Extension of OPEC/non-OPEC crude output cut to be considered in May

- Saudi energy minister Khalid Al-Falih said Tuesday that an extension of the six month OPEC/non-OPEC agreement to cut crude output will not be considered until May.
- Russian energy minister Alexander Novak said that conformity with the deal has been satisfactory and said the deal has had a positive impact.

Libya Crude Output Edges Higher After Clashes at Main Oil Ports

- Libya’s output rose on Tuesday to 673,200 bbl/day from 663,000 the previous day.
- Brent crude to jump by 82 cents per bbl on Friday.

Oil Falls After API Said to Report US Crude Stockpile Gain

- US supplies rose 11.6 million bbl last week.

- Futures closed near USD 53/bbl.

- Crude has fluctuated above USD 50/bbl.

- WTI for April delivery fell 6 cents to settle at USD 53.14/bbl.

- Brent for May settlement slipped 9 cents to USD 55.92/bbl.

 Surprise Oil Price Cut Shows Saudis Are Trying to Fend Off US Sweet Crude
- The Middle East producer cut the pricing for some of its April oil sales to Asia.
- Sweet crude with less sulfur are typically costlier than dirtier sour oils because they can be more easily processed into valuable products.

- Saudi Aramco also cut April pricing for Asia from a month earlier for Extra Light crude by 75 cents.

Oil industry heading for next crisis if things doesn’t change
- Steadier oil prices have helped US and global energy companies get back into the investing game.
- According to Fatih Birol, they need to spend in excess of USD 600 billion just to keep oil and gas recovery flat. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene prices edge lower in parts of Asia on Monday
- CFR South East Asia prices of ethylene were assessed down at USD 1130/MT mark, a fall of USD 10/MT from last Friday’s assessed levels.
- CFR North East Asia prices were assessed steady at USD 1310/MT levels.
- HDPE film prices were assessed at USD 1140/MT CFR Far East Asia levels, a tumble of USD 60/MT from the previous week. 
- LDPE prices were at USD 1260/MT CFR Far East Asia levels, a week on week slide of USD 70/MT.
- LLDPE was assessed at USD 1140/MT CFR Far East Asia mark, a week on week slump of USD 50/MT.

Polymers Price
European PVC rose by EUR60/tonne for March for CIS markets
- Negotiations on European PVC prices for March delivery into the CIS markets began last week.
- March shipments of SPVC to the CIS markets are held in the range of EUR 820 - 880/MT FCA. 

Domestic PP prices in China rose this week after an earlier decline
- PP prices were at the level of 8,450 - 8,750 Yuan per MT or YSD 1,225 to 1,269 per MT. 

European polypropylene in March went up by EUR 70 per ton for CIS markets
- March supplies of PP homo are conducted in the range EUR 1,080 to 1,180/MT.
- Supplies of propylene block copolymers are discussed in the EUR 1,180 to 1,300 per MT.

Polymers Supply
New PE plants to start up by Reliance Industries
- RIL eyes to start commercial operations at its PE plant in Q2 2016 and is expected to commence commercial production in May 2017.
- RIL is located at Jamnagar in India. 

LyondellBasell extends force majeure to all polypropylene from Brindisi plant
- LyondellBasell has extended its force majeure declaration on Hostalen PP from its brindisi.
- Production of PP from the plant was expected to restart within two weeks.

Courtesy: www.polymers.io