Oil stocks surge after OPEC cuts

By Polymers

OPEC formally agreed to a production cut.

SEATTLE (polymers.in):  The Nasdaq and S&P 500 dropped on the day.
- OPEC formally agreed to a production cut.
- Trump nominated Steven Mnuchin for Secretary of the Treasury.
- The Federal Reserve released its beige book.
- Valeant’s sale of Salix may be falling apart. 

Oil stocks are going nuts over reports of an OPEC deal to cut output
- Crude oil explorers and producers were the biggest gainers on the benchmark S&P 500 index on Tuesday.
- WTI gained by as much as 7% to USD 48.58/bbl.
- Brent crude jumped 8% and above USD 50/bbl to as high as USD 51.40. 

OPEC has finally agreed to a production cut and oil is up almost 9%
- OPEC and non-OPEC producers will be reducing output by 1.8 million or 2% of the total world output. 

OPEC oil production agreement will be for 6 months
- OPEC rivals Saudi Arabia, Iran and Iraq on Wednesday signaled their willingness to compromise on an output deal. 

Crude rises on remarks by Iran ahead of OPEC meet
- January ICE Brent crude futures were up 61 cents/bbl from Tuesday’s settle at USD 46.99/bbl.
- January NYMEX light sweet crude was up 57 cents/bbl. 

Oil rises 2% as Iraq delegate says some form of deal would be reached
- Oil prices rose as much as 2% on Wednesday.
- Brent crude was trading at USD 47.18/bbl up 8 cents or 1.72% from its last close.
- US WTI crude was up 71 cents or 1.57% at USD 45.94/bbl. 

Asian Shares Set for Gains Amid Oil Deal as Bond Selloff Deepens
- Australia’s Santos Ltd surged 12%.
- Japan’s Index Corp. surged 11%.
- China’s CNOOC Ltd surged 6%.
- MSCI Asia Pacific Index added 0.8%.
- Japan’s Topix index returned to its highest level since January, rallying 0.9%.

Paraxylene price falls on weak crude and downstream PTA futures
- Asian PX prices declined USD 17/ton Taiwan/China and FOB Korea in the third week of November.
- PX prices gave back USD 6.50/ton on the week.
- Spot PX dropped USD 10/ton FOB USG. 

MEG price declines after recent surge in Asia
- Asian MEG prices declined USD 17/ton while CFR China and South East Asia in the third week of November.
- CIF spot prices rose EUR 5/ton on the week.
- MEGlobal will increase its North American benchmark by US cents 2/pound for December.

Intl. Offers for SE Asia in USD
- LDPE 1260 (-20)
- LLDPE 1150 (-20)
- PVC 970 (+10)
- PVC India 1000 (+10)
- PP Raffia 1000 (-20)
- PP Injection 1000 (-20)
- PP Film 1020 (-2)
- BOPP 1010 (-20)
- Block Copol 1060 (-20)

PP non-woven fabrics market estimated at over USD 40 billion by 2024
- PP non-woven fabrics market size is expected to reach USD 40.2 billion by 2024.
- China PP non-woven fabrics market size generated over USD 2.5 billion business in 2015 and may expect significant gains up to 2024.

PE imports into Ukraine increased by 28% in January-October 2016
- Imports of PE into Ukraine increased to 216,400 MT in the first ten months of 216, up 28% compared to the same period of 2015. 

PVC imports to Ukraine rose 29% in the first ten months of 2016
- Imports of SPVC into Ukraine grew in the first ten months of 2016 by 29% year on year totaling 91,800 MT.  

UAE oil giant ADNOC says it will almost triple petrochemical output by 2025
- ADNOC plans to almost triple its PET production to an annual 11.4 million MT by 2025 from 4.5 million MT at present.

Courtesy: www.polymers.io