Crude oil hits highest level since July 2015 on hopes of supply cut

SEATTLE (polymers.in):  The reduction goal of roughly 1.8 million bbl will happen in phases.
- Light sweet crude futures for delivery in February on the Nymex rose by 1.7% to finish at USD 53.90/bbl. 

Oil IPOs Ready to Bloom Across the US
- Rising crude prices and a deregulatory push in Washington may spur as many as 40 companies to hold initial public offerings. 

Oil Retreats From 17-Month High After Report of US Supply Gain
- Futures retreated 45 cents from the close after the American Petroleum Institute.
- WTI for February delivery traded at USD 53.66/bbl.
- Brent for February settlement rose 13 cents to USD 56.22/bbl. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Asian propylene prices climb on Tuesday
- FOB Korea prices of propylene were assessed up at USD 865/MT levels, a day on day increase of USD 10/MT.
- CFR China prices were assessed higher at USD 925/MT levels, a gain of USD 10/MT on the day. 

Asian propylene hits 17-month high on tight supplies
- FOB Korea propylene jumped USD 19/MT from last Friday to USD 870/MT Tuesday.
- CFR China propylene rose USD 10/MT to USD 920/MT over the same period.

Asia's naphtha crack slips to USD 72.7/ton amid dull demand ahead of the festive season
- Asia’s naphtha crack slipped from a three-week high to end the week at a two-session low of USD 72.75/ton as deals fell into a slumber following a period of demand ahead of the festive season. 

MEG price climbs across all regions
- Asian MEG prices surged USD 84/ton CFR China and CFR South East Asia in the second week of December.
- Spot MEG gained US cent 1/pound on the week. 

Paraxylene price rises amid bullish energy values
- Asian PX prices jumped USD 32/ton CFR Taiwan/China and FOB Korea in the second week of December.
- European PX spot jumped USD 32.50/ton on the week.
- Spot mixed xylene December pricing rose US cent 3/gallon on the week.

Polymers Supply
Mexico's Alpek to buy Brazilian PET producer PQS for USD 385 million
- Mexico-based Alpek has reached an agreement with Brazil’s Petrobras to acquire PET producer Petroquimica Suape for USD 385 million. 

Kazakhstan January-November PE imports down 3% year on year
- Imports of PE into Kazakhstan fell in the first 11 months of 2016 by 3% year on year to 86,200 MT with HDPE and LDPE accounting for the main reduction in demand.
- Overall PE imports totaled 86,200 MT in January - November 2016 compared to 89,200 MT a year earlier. 

PVC imports into Kazakhstan up by 4% in January-November year on year
- Imports of unmixed PVC into Kazakhstan increased to around 50,000 MT in January to November 2016.
- November imports of unmixed PVC into the country seasonally continued to decrease and reached 1,900 MT.

Courtesy: www.polymers.io