Stocks and Oil are sliding

SEATTLE (polymers.in):  Between Jan 2007 and October of this year, the Eagle Ford shale-oil field in texas will have seen the efficiency of oil output from reach of its rigs increase by 2,700%.
- Bakken field in North Dakota is meanwhile set to see its oil output per rig jump by 730%.
- Permian basin will see a 710% improvement with the Permian Basic offering a lot of potential for further innovation.
- US is now importing only 1.3 million bbl/day of Saudi crude compared with USD 1.8 billion in 2003 and securing this refinery will help to partially reverse this trend.
- The LBI refinery is capable of processing heavy, sour crude.
- Aramco would increase its Gulf Coast refining capacity by 50%.  

Oil drillers are adding rigs at the fastest pace since before the oil crash
- The number of active US oil rigs rose by 2 to 416 this week.
- Tally of gas rigs fell by 3 to 89 and miscellaneous rigs by one, taking the total count down two to 506.
- WTI crude oil futures remained lower in trading, down 2% to USD 42.95/bbl.  

Stocks and oil are sliding
- The energy and financials sectors of the S&P 500 led declines in early trading.
- WTI crude oil futures were also lower, sliding below USD 43/bbl.
- Deutsche Bank’s shares listed in the US tanked 9% after the firm confirmed overnight that the US is seeking a USD 14 billion settlement over mortgage backed security sales. 

Brexit threatens the only bright spot in the Scottish economy right now
- The Scotch Whisky Association revealed that whisky exports rose by 3.1% in the first six months of the year, the first increase since 2013.
- The increase in exports will be seen as a boon for the country as the economy is suffering EU to low oil prices.
- Oil prices are still struggling to stay above USD 50/bbl.  

Oil Investors Flee as OPEC Freeze Hopes Face Supply Glut Reality
- Oil speculators headed for the sidelines as OPEC members prepare to discuss freezing output in the face of signs the supply glut will linger.
- Oil climbed 7.5% in August after OPEC announced talks in the Algerian capital.
- WTI futures advanced 0.2% to USD 44.90/bbl int he report week.
- World oil stockpiles will continue to accumulate into late 2017.
- Net-long wagers on ultra low sulphur diesel tumbled 57% to 4,233 contracts.  

Oil Rebounds as Fighting Halts Libya’s Ras Lanuf Export Return
- Futures rose as much as 2.1% after losing 2% Friday.
- Oil prices tumbled 6.2% last week amid concern the resumption of shipments from Libya, as well as Nigeria, would worsen a global glut.
- Brent for November settlement added as much as 85 cents or 1.9% to USD 46.62/bbl.
- WTI for October delivery gained as much as 88 cents to USD 43.91/bbl.  

Oil Tanker Due to Load Crude at Key Libyan Port Has Small Delay
- An oil tanker that’s supposed to collect crude from a key Libyan export terminal for the first time in almost two years is encountering a slight delay.
- Oil traded in London fell 75 cents to USD 45.84/bbl in London.  

Crude Glut Belies Risk From OPEC’s Dwindling Output Cushion
- OPEC’s strategy of keeping its taps open is leaving a smaller cushion if there’s an unexpected need for more oil.
- The biggest energy crash in a generation prompted the industry to cut USD 1 trillion in spending.
- Global petroleum stockpiles rose to 3.1 billion bbl in June.
- OPEC production rose to a record 33.7 million bbl/day in August. 

U.S. Stocks Rally Amid Apple Gains as Oil Rises; Dollar Weakens
- S&P 500 Index climbed for the first time in three days as Apple pushed its gain this week past 12%.
- Skyworks Solutions Inc. rose 6.4% and Intel Corp. gained 2.6% to lead computer chip stocks higher.
- Wells Fargo & Co. fell 0.8% on reports the US Justice Department is investigating its sales practices.
- Yields on US Treasuries due in a decade fell one basis point or 0.01% point to 1.69%. 

Ethylene-Polyethylene plant resumes production
- Sumgait ethylene-polyethylene plant belonging to SOCAR’s Azerijimya production union has resumed its production.
- The capacity of the plant is expected to increase up to 180,000 tons of production per year due to planned modernisation process.  

EDC prices decline while VCM prices remain flat in Asia
- CFR Far East Asia prices of EDC were assessed at USD 255/MT levels.
- VCM prices CFR Far East Asia were assessed steady from last week at USD 680/MT levels.
- VCM prices CFR South East Asia prices were assessed flat at USD 695/MT levels.
- CFR South East Asia prices of EDC were assessed at the USD 260/MT levels, both down USD 5/MT from the previous week.  

PTA price edges up in Asia, down in US
- Asian PTA markers edged up USD 1/ton CFR China in the last week of August.
- In China, offers for nearby-month goods fell to USD 605 - 610/ton.
- In US, August PTA price was down from July and was within market expectations.
- In Europe, weakness persisted in PTA fundamentals seeing limited upside.  

Naphtha availability in Europe increasing amid difficult arbitrage to US
- CIF NWE cargo value was assessed at USD 387.50/MT Tuesday, a USD 15.50/MT fall on the day and the fourth consecutive daily decline.
- October C&F Japan naphtha cargoes were trading at a USD 9.25/MT premium to CIF NWE values.  

Polymers Demand
Chandra Asri to licence polyethylene-technology from Univation for new polyethylene plant in Banten
- Chandra Asri Petrochemical has signed an agreement with US based Nivation Technologies for a new 400KTA capacity Polyethylene at its integrated complex in Cilegon, Banten.
- After implementation of the expansion its Naphtha Cracker to a capacity of 860KTA, an increase of 43%, CAP has evaluated various PE technologies and finally selected Nivation technologies for a new plant. 

Courtesy: www.polymers.io