Trump is reviving 2 major oil pipelines and activists are furious

SEATTLE (polymers.in):  A Canadian oil pipeline leaked more than 50,000 gallons of oil on aboriginal land
- A pipeline in the western Canadian province of Saskatchewan has leaked 200,000 liters of oil in an aboriginal community.
- According to Ocean Man Chief Connie Big Eagle said the spill was 15 meters in diameters on Friday. 

Trump is reviving 2 major oil pipelines and activists are furious
- Environmental activists are incensed after President Donald Trump signed a number of executive actions Tuesday, which aimed at advancing construction of the Keystone XL and Dakota Access pipelines.
- Trump’s decision to give the go-ahead for the Dakota Access pipeline is a slap in the face to Native Americans and blatant disregard for the rights to their land. 

Oil prices rebound on weaker dollar
- Brent crude rose 30 cents to USD 55.53/bbl.
- OPEC and non-OPEC producers said at a meeting in Vienna on Sunday that of the almost 1.8 million bbl/day they had agreed to remove from the market starting on January 1, 1.5 million bbl/day had already been cut. 

Pricier Oil Means China's Foreign Reserves Will Shrink Even Faster, Goldman Says
- China’s crude output is forecast to fall as much as 7% this year.
- Goldman estimates the greenback will strengthen 15% by the end of 2019.
- Goldman sees capital outflows slowing this year to USD 500 billion and it expects reserve losses to accelerate to USD 394 billion from USD 369 billion in 2016. 

Oil Traders Aren't So Sure About Republicans' Border Tax Plan
- Traders are now paring those wagers amid doubts that a Republican Congress will be able to push through plans for a levy on oil imports and a tax exemption for exports.
- Oil sold in London has traded at a premium of about USD 8/bbl.

Nigeria Sees Oil Hitting Mid USD 60 in Coming Months as OPEC Bites
- Crude oil prices, hovering around USD 55/bbl since early December, will climb by about USD 10 in the coming months as OPEC-led measures to curb a glut take hold.
- The nation is now pumping about 1.5 million bbl/day. 

Canadian Drillers Brave Deep Freeze as Oil Patch Revives
- MEG Energy Corp., Canadian Natural Resource Ltd., Cenovous Energy Inc., Encana Corp. and Seven generators Energy Ltd. have all announced plans to expand production.
- MEG plans to spend USD 446 million in operations this year.
- Alberta’s economy will grow 2.1% this year. 

Asia Grabs Record North Sea Crude Oil as OPEC Cuts Supply
- Crude exports to Asia from the North Sea are poised to reach a record 12 million bbl in January.
- China’s crude oil demand in December grew by more than 12% to a record 36.4 million tons or about 8.6 million bbl/day. 

BP sells parts of UK oil field interests
- EnQuest will secure 25% of BP’s Magnus stake, and a 3% share of the Shetland facility.
- BP is to sell part of its interests in the Magnus oil field and Sullom Voe terminal in Shetland, UK for USD 85 million. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Europe spot ethylene, propylene prices stable to firmer in January
- Ethylene pipeline prices have firmed from discounts of 15 - 16% against the December contract price for December volumes.
- Smaller discounts of 7.5 - 9% have been indicated for remainder January or February volumes. 

Spot MEG prices in China are rising on expectations of a rise in prices after the Lunar New Year
- MEG spot quotations were in the range of USD 940 - 950/MT, which is USD 23 - 25/MT above the 20 January.
- Russian market of Chinese PET prices including delivery to the eastern port of the country amounted to USD 1,000 to 1,030/ton.

South Korea economic growth retreats further in Q4 on weak construction, consumption
- The 0.4% growth in South Korea in seasonally adjusted terms beats the median forecast of 0.3%.
- The economy expanded 2.7% in the Q4, down from a 2.6% rise in the Q3. 

Polymers Supply
PP markets firm up in Southeast Asia ahead of maintenance shutdowns
- A Thai PP producer implemented smaller hikes of USD 10/ton on their PP offers to Indonesia.
- PP prices to the regional markets with increases of USD 20/ton when compared to their January levels, except for PP block copolymer injection which was up by USD 30/ton.

Courtesy: www.polymers.io