By Polymers (ScrapMonster Contributor)
August 19, 2016 01:31:48 AM
Crude oil prices gain on Tuesday
- US crude stockpile fell by 1.007 million bbl for the week ended August 21.
- US dollar index dropped to a two-month low on Tuesday to 94.75, against the other major currencies.
- WTI for September delivery rose by 1.84% to settle at USD 46.58/bbl.
- Dated Brent for October settlement gained by 1.82% to end at USD 49.23/nnl.
Here’s Who’s Buying Up U.S.
- More than 87 million bbl of crude and condensate have been shipped to 17 countries in the first half of 2016.
- Other buyers include the UK, Japan and even the Marshall Islands. This is according to US Census Bureau data.
U.S. Stocks Fall With Bonds on Hawkish
Fed Comments; Oil Climbs
- US stocks fell with treasuries, while the dollar pared its decline.
- The S&P 500 fell 0.6% to 2,178.15.
- The Stoxx Europe 600 Index dropped 0.8% as gains in the EURO weighed on exporters.
Asia ethylene margins climb on higher
- Margins for naphtha-based ethylene in NEA rose by 6.0% to USD 836/MT, while margins for LPG-based ethylene rose by 11% to USD 900/MT.
- Spot prices in the region were up USD 57/MT.
- Feedstock costs for ethylene production moved up by USD 53/MT for naphtha-based product.
- In SEA, naphtha-based ethylene margins rose by 3.7% to USD 749/MT, while LPG-based ethylene margins climbed 10% to USD 786/MT.
Stocks Do Nothing After Fed Minutes: Here’s What You Need to Know
- The Fed is split over whether to raise interest rates soon.
- On Monday, Obamacare said it was leaving 70% of the counties in which it provided services through the Affordable Care Act’s public healthcare exchanges.
- Target adjusted earning per share of USD 1.23 on revenue of USD 16.19 billion.
- Lowe’s sales open for more than one year rose 2%.
Taiwan's Formosa HDPE unit to shut temporarily end Aug on ethylene shortage
- Taiwan’s Formosa Petrochemical Corp’s 320,000 MT/year HDPE unit will shut for a few days at the end of August due to ethylene shortage while its No. 2 steam cracker goes through maintenance from 29 July to 22 September.
Russia’s HDPE January-July output up 11%
year on year
- Production of HDPE in Russia exceeded 567,500 MT in the first seven months of 2016, up 11% year on year.
- July HDPE production in Russia exceeded 74,600 MT.
Russia's PP production flat in
- Russia’s overall production of PP remained flat totalling 772,000 MT.
Taiyo Vinyl to shut Chiba PVC
- Taiyo Vinyl is likely to shut its PVC plant for a maintenance turnaround.
- The plant is planned to be shut on 17 August and will remain shut for four weeks.