Crude oil is back in a bull market

By Polymers (ScrapMonster Contributor)

August 22, 2016 02:05:27 AM

SEATTLE (polymers.in): Crude oil is back in a bull market

- Futures have rallied 22% since the recent bottom on 2 August, when they fell below USD 40.

- WTI crude futures in New York rose 2.8% to USD 48.11/bbl.

Oil Enters Bull Market as OPEC Output-Freeze Optimism Heats Up

- Futures climbed 3.1% in New York and Brent closed above USD 50/bbl.

- WTI for September delivery rose USD 1.43 to settle at USD 48.22/bbl.

- Brent for October settlement advanced USD 1.04 or 2.1% to close at USD 50.89/bbl.

- US crude stockpiles dropped by 2.5 million bbl last week to 521.1 million.

Nigeria Oil Militants Say Not Ready to Negotiate With Government

- Nigeria’s Niger Delta Avengers militants, who have claimed repeated attacks on oil and gas pipelines sending the country’s crude output plunging.

- Nigeria will pump no more than 1.5 million bbl/day of crude this year as sustained attacks have damaged facilities including its biggest export terminal. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)

Asahi Kasei Mitsubishi Chemical Ethylene Corp. naphtha cracker restarted

- Asahi Kasei Mitsubishi Chemical Ethylene Corp.’s naphtha cracker in Mizushima has been restarted after production was suspended in July to a malfunction in its refrigeration system.

- The restart was conducted 14 Aug after the completion of necessary repairs and an inspection.

Polymers Demand

Jail Stocks Crash: Here's what you need to know

- The Department of Justice is phasing out contracting to privately run prisons.

- Walmart adjusted its earnings per share of USD 1.07 in the Q2, revenue of USD 120.9 billion.

- T.Rowe Price is suing Valiant Pharmaceuticals, alleging fraud.

- WTI crude futures in new York closed u 22% from the recent bottom on 2 Aug.

- Initial jobless claims fell more than expected last week, by 4,000 to 262,000.

Polymers Supply

Swing PE plant of IOCL resumes operations

- IOCL has restarted its HDPE/LLDPE swing plant in panipat.

- It is located at Panipat in the northern Indian state of Haryana, the HDPE/LLDPE swing plant has a production capacity of 350,000 MT/year.

Courtesy: www.polymers.io