Oil is plunging as expectations for any OPEC deal begin to sputter

SEATTLE (polymers.in):  Prices for Brent crude oil are down by 3.5% at USD 46.26/bbl.
- WTI crude are down by 3.6% at USD 44.30.  

China likes to stockpile crude oil whenever prices are at $50 or lower
- The latest data released for China show the nation’s implied crude stock building rate accelerating to 1.1 million bbl/day.
- The stocking rate is higher than the year-to-July rate of 780 kb/day.  

Spiraling oil demurrage costs challenge Venezuela's PDVSA
- Venezuela’s state-owned oil company PDVSA is facing cash flow problems as it struggles to pay for its imports of crude and oil products.
- PDVSA is in constant negotiations with providers, which have now demanded agreement for prepaid shipments. 

Oil Below $45 Before Algiers Amid Mixed Outlook for Asian Stocks
- European stocks rose with US equity index futures as oil stabilized below USD 45/bbl.
- Crude fluctuated, having slumped 2.7% in the last session as speculation faded that a deal will be struck at Wednesday’s OPEC talks.
- The Stoxx Europe 600 Index gained 0.8%.
- MSCI Asia Pacific Index declined 0.7% and was near a one-week low.
- Crude oil was up 0.1% at USD 44.71/bbl.  

Oil Tankers Head to Key Nigeria Port as Militant Risk Endures
- Oil tankers able to collect 6 million bbl of crude are heading to the biggest export terminal in Nigeria.
- The resumptions of Qua Iboe and Forcados shipments would allow Nigeria’s crude exports to rise to about 1.85 million bbl/day.  

US Stocks Rise on Consumer Confidence After Debate; Oil Slumps
- The S&P 500 Index furthered its quarterly advance, led higher by technology and retail companies.
- According to CNN poll, 62% of voters who watched the debate said Clinton won the discussion.  

Saudis See Oil-Freeze Deal Possible in November, Not This Week
- Saudi Arabia will be a willing partner in this freeze agreement.
- Saudi Arabia will suffer a fiscal deficit equal to 13.5% of gross domestic product this year.  

Saudi Aramco sees oil demand steady as supply growth slows
- Slower growth in oil supply is helping the crude market to re-balance and prices are set to increase over time.
- OPEC’s production rose to a record 33.69 MM bbl/day in August.
- Saudi Aramco is exploring more intensively to augment its resources to 900 billion bbl from 800 billion bbl over the next decade.

Oil slides more than 2% after Iran, Saudis douse hopes for output deal
- November WTI crude fell by USD 1.27 to USD 44.66/bbl.
- November Brent crude fell USD 1.30 cents or 2.8% to USD 46.05/bbl. 

Rosneft to sell 96 MMt crude oil to Petrovietnam
- Rosneft has signed a contract to supply 96 MMt of crude oil to PV Oil.
- The contract will last between 2017 and 2040. 

Polymers Price
Contract PET prices in Russia to decrease in October
- Formula contract offers for October will drop by Rb 500 - 800/MT and will be at Rb 75,300 - 77,400/MT CPT Moscow.
- Spot prices were going down, following lower consumption.
- Russian PET chips ranged between Rb 81,000 - 85,000/MT FCA. 

Polymers Demand
Demand for PP in Turkey remains weak
- Demand for PP in Turkey remains weak, despite the low supply of inventory.
- The price of PP raffia grade were at the level of USD 980 - 1020/ton CFR Turkey. 

Polymers Supply
ExxonMobil experiences LLDPE hexene issue at Texas plant: letter
- ExxonMobil producers 225,000 MT/year
- ExxonMobil unit that produces hexane LLDPE at the Beaumont plant experienced undisclosed issues.  

PVC imports to Belarus down 20% in first seven months of 2016
- Overall imports of unmixed PVC into Belarus fell in the first eight months of 2016 by 20% year on year, totaling 12,800 MT.
- Imports of resin rose to 3,000 MT from 1,800 MT in June.
- Demand for PVC from local converters subsided to 12,800 MT in Jan - July. 

Courtesy: www.polymers.io