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Oil & Gas October 19, 2016 01:10:19 AM

Oil is sliding-18th October Polymer News Summary

Polymers
ScrapMonster Author
WTI crude is down by 1.2% to USD 49.78/bbl.

Oil is sliding-18th October Polymer News Summary

SEATTLE (polymers.in):  WTI crude is down by 1.2% to USD 49.78/bbl.
- Brent crude is down by 1.0% to USD 51.42/bbl.  

Iran hopes to hit 4 million b/d crude oil output in two weeks
- Iran hopes to raise its crude oil production to around 4 million bbl/day in the next two weeks, up from the current level of 3.89 million bbl/day.
- The Islamic also aims to increase its exports to 2.4 million bbl/day.  

UK Stocks Decline Most in 3 Weeks as Pearson, Oil Shares Slide
- Royal Dutch Shell Plc and BP Plc dropped at least 1.2%.
- Barratt Developments Plc and Persimmon Plc fell at least 2.5%.
- FTSE 100 Index declined 0.9% at the close in London.  

Oil Falls to One-Week Low as OPEC Supply Climbs, Rig Count Grows
- Futures dropped 0.8%.
- Libyan output expanded to 560,000 bbl/day.
- Nigeria aims to raise output by 400,000 bbl/day to 2.2 million.
- WTI for November delivery slipped 41 cents to settle at USD 49.94/bbl.
- Brent for December fell 43 cents or 0.8% to USD 51.52/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
S Korea's LG Chem to boost Daesan ethylene output by 22% in 3 years
- South Korea’s LG Chem plans to increase the ethylene production capacity of its naphtha-fed steam cracker at Daesan by 230,000 MT/year or 22% to 1.27 million MT/year.
- LG Chem will spend USD 251.9 million on the expansion by 2019.  

PTA plant shut by Hengli Petrochemical
- Hengli Petrochemical has taken off-stream its No. 2 PTA plant for a maintenance turnaround for 20 - 22 days.  

Asia ethylene margins up for naphtha, down for LPG
- Ethylene spot prices climbed USD 28/MT in northeast Asia.
- In northeast Asia, feedstock costs on an ethylene production basis rose by USD 95/MT.
- Ethylene spot prices fell by USD 10/MT in southeast Asia.
- In southeast Asia, feedstock costs on an ethylene production basis rose by USD 96/MT. 

Polymers Supply
GAIL starts up Unipol PE process line at its petrochemical facility in Pata
- GAIL Limited has successfully started its first UNIPOL PE process line with the capacity to produce 400,000 tons of PE per annum.
- Total production capacity of GAIL’s in Pata is up 810,000 tpa.  

Stavrolen resumed PE production
- Stavrolen resumed production of HDPE after a shutdown due to technical issues.
- Overall output of HDPE and PP at Starvolen totaled 25,300 MT and 10,500 MT in September. 

Courtesy: www.polymers.io

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