US oil and gas prices may tumble

Domestic oil and gas prices will likely suffer as the US continues to increase its output.

SEATTLE (polymers.in):  OPEC Jan crude oil output 32.16 million bbl/day, down 690,000 b/d from Dec
- The 10 OPEC members obligated to reduce oil output under the landmark agreement signed last year achieved 91% of their required cuts in January.
- Kuwait’s production for January was under its quota of 2.71 million bbl/day, coming in at 2.7 million bbl/day.
- In all OPEC’s 13 members, except Indonesia, produced 32.16 million bbl/day in January, a 690,000 bbl/day decline from December. 

Dubai crude cash spread to swap at three-month high on robust demand
- Frontline cash Dubai crude rose to its highest against the same-month Dubai swap in over three months Monday.

- The April cash Dubai was assessed at a discount of 6 cents/bbl to April Dubai swaps Monday. 

US Oil and Gas Prices May Tumble
- Domestic oil and gas prices will likely suffer as the US continues to increase its output.
- Mexico exports 600,000 bbl/day of crude oil to the US and buys large amounts of gasoline and diesel. 
- Clean Power Plan will likely send prices lower through 2018. 

US Stocks Drop as Slumping Oil Prices Weigh on Energy Shares
- US stocks fell in tandem with world equity markets Monday as nine of 11 industry groups in the S&P 500 Index declined. 
- The benchmark gauge for American equity fell 0.2% to 2,292.56. 

Oil Declines as Dollar Advances, US Shale Drilling Picks Up
- Futures fell 1.5%.
- The dollar rose 0.3% against leading currencies.
- US oil drillers boosted the rig count by 17 to 583 last week.
- Crude prices have fluctuated above USD 50.
- US crude supplies probably expanded by 2.5 million bbl last week.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
China Polyethylene: Increased Local Naphtha Supply Threaten Imports And Margins
- China’s PE demand grew from around 22 million MT in 2914 to approximately 25 million MT in 2016.
- Rising food-safety concerns have resulted in booming demand for modern-day packaged food, which of course is wrapped in PE.
- The internet sales explosion is also said to be behind surprisingly strong demand growth for PE. 

Asia PX seen stable-to-firm on strong market fundamentals
- Asia’s PX prices are expected to be on a stable to bullish trend in the near-term on firm market fundamentals and bullish trading sentiment.
- Bids for March shipment PX cargoes were at USD 923 - 925/MT CFR Taiwan/China in early trade, against offers at USD 929/MT CFR China/Taiwan.
- For April shipment cargoes, bids were at USD 931 - 932/MT CFR Taiwan/China, while offers stood at USD 938/MT CFR Taiwan/China. 

Polymers Price
Turkey's Petkim raises PP, LDPE, HDPE, and PVC prices
- PP raffia, fibre and injection were listed at USD 1385 - 1395/MT, USD 1445/MT, and USD 1,431/MT.
- LDPE prices were listed at USD 1560 - 1580/MT FCA Aliaga, up USD 35/MT.
- HDPE prices were listed at USD 1380/MT, USD 1375/MT, and USD 1,450/MT, for injection, blow molding, and film.
- PVC prices were listed at USD 1180/MT, up USD 15/MT.

Polymers Demand
South American propylene to be imported into Europe because of an open arbitrage
- South American propylene is due to be imported into Europe because on an open arbitrage.
- NWE propylene contract price for February was fully settled Tuesday at EUR 815/MT.

Courtesy: www.polymers.io

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