Loading prices...

Register/Sign in
ScrapMonster
Sell Your Junk CarGet an instant quote for your car on ScrapMonster.com
Oil & Gas February 14, 2017 01:00:07 AM

Oil stable on OPEC record compliance

Polymers
ScrapMonster Author
Oil prices rose more than 1 percent on Friday after news that OPEC members' initial compliance with last year's landmark production cut deal reached a record high.

Oil stable on OPEC record compliance

SEATTLE (polymers.in):  Oil prices rose on Wednesday as investors covered short positions when a big rise in U.S crude inventories was not as massive as many had feared, and as gasoline futures got a boost from a surprise decline in inventories of the fuel.

Oil prices rose more than 1 percent on Friday after news that OPEC members' initial compliance with last year's landmark production cut deal reached a record high.

North American PET bottle resin prices surged an average of 3 cents per pound in January, marking the fifth consecutive monthly price increase for that material.

According to The Plastics Exchange, prices for all polyethylene and polypropylene grades continued to move higher in this cost push and tightly supplied environment while domestic demand was very good.

Polyethylene (PE) buyers are resisting increases above the €35/tonne hike in the February ethylene contract for February, several said on Wednesday.

Negotiations over prices of European polyvinyl chloride (PVC) for February shipments to the CIS countries continued to rise this week as many producers announced a further price increase due to higher ethylene prices, according to ICIS-MRC Price report.

European polyethylene terephthalate (PET) domestic prices for February delivery firmed after even more upstream pressure, sources said on Friday.

Polyethylene (PE) offers in China’s import market spiked this week on the back of restocking activities by end-users after the Lunar New Year holiday, market sources said on Thursday.

India’s overall polyolefin import markets look set to stay firm amid tight supply across global markets, but improved domestic availability may weigh down on prices of high density polyethylene (HDPE) and linear low density PE (LLDPE).

Most players in the Asian region are optimistic about the March outlook as they believe that a Taiwanese major will definitely increase their offers for next month on the back of improving demand ahead of the high season and upcoming maintenance shutdowns.

The growth of export acetylene polyvinyl chloride (PVC) prices has resumed in China after a brief period of decline.

Players in China and Southeast Asia are gradually returning to their desks from a week-long holiday celebrated last week. Gauging the PP and PE markets in both regions, players indicate that the firming sentiment is visibly stronger in Southeast Asia than in China.

Players in major markets including Turkey, Egypt and China have been reporting limited PP and PE supplies from the Middle East since the beginning of the year.

Spot ethylene prices have been following a firmer trend in major global markets for at least three months, prompted by planned and unplanned cracker shutdowns in the regions.

US propylene inventories fell by 7.2% in the week ending 3 February, according to the US Energy Information Administration (EIA) on Wednesday, marking the sixth consecutive decrease.

Courtesy: www.polymers.io

×

Quick Search

Advanced Search