Oil prices dip on fears that rising US output could offset OPEC cuts

SEATTLE (polymers.in):  Weekly US coal production totaled an estimated 13.78 million.
- In Central Appalachia, weekly coal production totaled an estimated 1.4 million, up 18.1% from the prior week. 

Oil prices dip as rising US output could offset OPEC cuts
- Brent crude futures were at USD 55.55/bbl, down 31 cents from their last close.
- US WTI crude futures were down 7 cents at USD 52.30/bbl. 

Oil’s Surprise Strength Is Speeding OPEC Goal, Saudi Arabia Says
- OPEC and Russia may not need to extend the curbs when they expire in June.
- OPEC initially suggested it could extend the six-month deal beyond June. 

China's Oil Collapse Is Unintentionally Helping OPEC
- China’s production is forecast to fall by as much as 7% this year. 

Brent Oil Falls as Investors Await Signs of Production Curbs
- Futures fell 0.7% in London after earlier climbing as much as 2%.
- Crude has risen since the OPEC and 11 other countries agreed late last year to trim supply by about 1.8 million bbl/day.
- Brent for March settlement declined 39 cents or 0.7% to USD 55.47/bbl.
- WTI for February delivery rose 11 cents to settle at USD 52.48/bbl. 

US crude settles at $52.48, up 11 cents, on weak US dollar, Saudi OPEC compliance talk
- Oil market is weaker than it looks because it is being propped up by the weak dollar.
- US WTI crude oil futures settled up 11 cents at USD 52.48/bbl.
- Brent crude futures were down 38 cents at USD 55.48/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Propylene prices inch higher in Asia on Monday
- FOB Korea propylene prices were assessed up at USD 855/MT levels, a rise of USD 5/MT from last Friday’s assessed levels.
- CFR China prices were assessed higher at USD 905/MT levels, a gain of USD 5/MT from last Friday. 

Propylene prices climb in Asia
- FOB Korea prices of propylene were assessed at USD 850/MT, a week on week increase of USD 15/MT.
- CFR China prices were higher at USD 900/MT, a rise of USD 5/MT on week.
- CFR South East Asia prices were up at USD 915/MT levels, a week on week surge of USD 65/MT.
- CFR Taiwan prices were assessed stable at USD 905/MT levels. 

EU's methanol imports shrink further as exports grow: Eurostat
- European Union imports of methanol for November 2016 stood at 519,986.1 MT.
- Overall imports for the first 11 months of the year increased marginally to 6,375.731.6 MT for 2016.

Polymers Price
US PE export prices mostly increase 1-3 cents/lb.
- Four of five US PE export prices rose during the week on congestion issues and rising raw material prices.
- US LDPE film for export rose 3 cents/lb. to 57 - 59 cents/lb.
- US HDPE blow moulding for export rose 1 cent/lb.
- US HDPE injection for export rose 2 cents/lb. to 46 - 48 cents/lb. 

January prices of European PP rose by EUR45/MT for CIS markets
- The January contract price of propylene in Europe was agreed up by EUR 45/MT from December.
- Deals for January shipments of homopolymers PP were done in quite wide range of EUR 995 - 1055/MT.

Polymers Demand
Demand from North America to dominate demand in global LLDPE market by 2023
- The LLDPE market is expected to exceed more than USD 59 billion by 2023. 

Vietnam’s GDP growth to reach 6.6%
- Vietnam’s GDP is expected to grow at 6.6% in 2017.
- Strong manufacturing growth is likely to remain the key growth driver in 2017.

Courtesy: www.polymers.io