By Polymers (ScrapMonster Contributor)

August 23, 2016 01:30:55 AM

SEATTLE (polymers.in): Oil rig count climbs for 8th straight week

- US oil rig count rose by 10 to 406 this week.

- The gas rig count was unchanged at 83 and the total rig count gained 10 to 491.

- WTI futures were little changed after the rig count data, up 0.03% to USD 48.25 in New York. 

North Sea Oil Prices Rebound as Glut of Floating Crude Clears

- Demand for the commodity has increased as traders take advantage of remaining discounts before maintenance begins at the UK’s largest oil field.

- Crude kept in North Sea tankers has declined by more than 50% to five million bbl, within the last three weeks. 

Oil Volatility Sinks as Market Swings From Bear to Bull: Chart

- Oil market volatility has stagnated even as futures swung from a bear market to a bull market in less than three weeks.  Crude Oil in Bull Market Caps Biggest Weekly Gain Since March

- Futures rose 0.6% in New York.

- Oil has climbed more than 20% since it dipped below USD 40/bbl earlier in the month.

- Brent for October settlement slipped 1 cent to close at USD 50.88/bbl.  

Saudi Crude Oil Exports Hit Three-Month High

- Saudi Arabia raised its combined crude oil and refined-product exports to 8.38 million bbl/day in June.

- Saudi Arabia supplied its overseas customers with 7.46 million bbl/day of crude and 1.37 million of refined petroleum products in June. 

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

EDC prices remain flat while VCM prices firm up in Asia

- CFR Far East Asia prices of EDC were assessed steady at USD 250/MT levels.

- CFR Far East Asia prices of ethylene were assessed up at USD 650/MT levels.

- CFR South East Asia prices of EDC were assessed unchanged at USD 245/MT levels.

- CFR South East Asia prices of ethylene were at USD 1070/MT levels, a sharp week on week increase of USD 30/MT.

- Feedstock ethylene prices on Thursday whereat USD 1140/MT CFR North East Asia.

- Downstream PVC prices were assessed up at USD 850/MT CFR China levels, steep gain of USD 40/MT from the previous week. 

Ethylene shortage on cracker maintenance to shut Formosa's HDPE unit in H2-Aug

- Taiwan’s Formosa PET 320,000 million tap HDPE unit will shut for a few days at the end of Aug due to ethylene shortage triggered by a maintenance at its No. 2 steam cracker. 

Propylene prices witness a sharp gain in Asia

- FOB Korea propylene prices were assessed up at USD 755/MT levels, a sharp day on day rise of USD 30/MT.

- CFR China prices were assessed higher at USD 800/MT levels, a spike of USD 30/MT from Wednesday.  

PTA price moderates in Asia

- Asia PTA markers were assessed down USD 9/ton CFR China and CFR Southeast Asia.

- In China, offers remained at USD 605 - 610/ton. 

PVC market faces critical conditions in Venezuela

- Demand for non-essentials in general, including demand for PVC, remains weak as the Venezuelan population is more concerned about obtaining scarce food.

- PVC prices now are at Bs 600,000/MT, including shipment and other expenses to place the product at resin processors’ plants. 

Europe PVC market subdued, soft expectations for August

- The European PVC contract market is subdued because of the ongoing holiday season.

- European PVC prices in July stood at EUR 1,095 - 1,120/MT FD NWE.  

Russia's PVC prices continue to rise on shortages

- Russia’s PVC prices is at Rb 75,500 - 79,500 CPT.

- BSC produced 126,700/MT of PVC in the first half of 2016, up by 1% year on year. 

WTI and Brent Crude oil rise. US polymers rise, Asian polymers mixed, European static

- WTI and Brent Crude oil rose over the week to 19th Aug to USD 49.07 and USD 50.78/bbl.

- Asian polymer prices were mixed with increases of USD 20 and USD 30/MT reported in the prices of ABS and PVC.

- US polymer prices rose with increases of between 1 and 4 cents per pound reported in the prices of PP, PVC and Polystyrene. 

Polymers Demand

Stocks SLIP: Here's what you need to know

- According to Baker Hughes, producers brought 10 oil rigs online, taking the total to 406.

- John Deere raised its earnings outlook to USD 1.35 from USD 1.2 billion.

- Pure Storage brought its market cap to USD 2.43 billion, down from the USD 3 billion valuation. 

Asian shares rise on oil price gains

- Japan’s Nikkei rose 0.4% to close at 16,545.82 while the broader Topic also increased 0.4% to 1,295.67.

- Hong Kong’s Hang Seng reversed early gains to stand 0.2% lower at 22,974.79, while Shanghai Composite was little changed at 3,107.03 in afternoon trade.

Polymers Supply

SKGC plans to shut PP plants for maintenance

- SKGC has scheduled a maintenance turnaround at its PP plants in September 2016 and it is likely to remain off-stream until 24th October 2016.  

Colombia's state-led Ecopetrol to shut LDPE line August 24 for maintenance

- Ecopetrol will shut its LDPE line for maintenance in late August and will remain shut for 10 days. 

Courtesy: www.polymers.io