SEATTLE (polymers.in): The world needs to invest USD 25 trillion in new oil producing capacity over the next 25 years to meet growing demand.
- WoodMac sees E&P global spend rise with about 3% in 2017 to around USD 450 billion.
IEA Sees Significant Gains in US Shale Oil as Prices Rise
- US shale oil production will definitely react strongly.
- In the first week of January, US crude production rose to 8.95 million bbl/day.
How Trump Crushed Millions of Dollars in Oil Options Trades
- Traders increased bets that the US crude oil benchmark price would rise above its global counterpart.
- Traders have bet roughly USD 61 million.
- Options contracts for WTI to trade at a USD 2 premium to Brent have halved in value since last week.
Europe Oil Firms, UK Retailers May See 2017 Restructuring
- Oil companies and UK retailers are the sectors most likely to come under financial stress in Europe this year.
- The Pound’s 17% decline against the dollar since it voted to leave the European Union is pushing up import costs and inflation.
Will API Crude Oil Inventories Boost Crude Oil Prices?
- February WTI futures contracts rose 0.4% to USD 52.7/bbl.
- Higher crude oil prices have a positive impact on oil and gas producers.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
NWE naphtha complex getting boost from rising demand for propane
- The discount of the front-month CIF ARA propane swap to the equivalent CIF NWE naphtha swap narrowed to USD 57.75/MT.
- NWE naphtha market surged the first trading week of 2017 as spot buying interest resurfaced.
Paraxylene prices edge up in Europe
- Asian PX prices remained in the first week of January and declined USD 17/ton FOB Korea on the week.
- The PX spread shrank USD 13/ton.
- European PX spot rose USD 1/ton on the week.
MEG prices plunge in Asia, up in Europe
- In the first week of January, Asian MEG prices plunged USD 49/ton CFR China and CFR South East Asia or 5% week on week.
- MEG January contract price jumped EUR 150/ton while spot MEG FCA NWE offers surged during the week.
- US MEG was up US cents 2/pound from mid December.
Polymers Price
China domestic LDPE film prices slump on ample supply, weak demand
- China domestic LDPE film prices have sharply fallen since the middle of 2016 November.
- LDPE film prices in north China on 16 January were assessed lower by CNY 1,100 - 1,150/MT
Xia’s Davos Speech: Risks, Opportunities For Chemicals Industry
- Economic globalization has powered global growth and facilitated movement of goods and capital, advances in science, technology and civilization, and interactions among people.
- Xia will advance the building of the Free Trade Area of the Asia Pacific and negotiations of the Regional Comprehensive Economic Partnership to form a global network of free trade arrangements.
Courtesy: www.polymers.io
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