By Polymers (ScrapMonster Contributor)
September 01, 2016 01:21:57 AM
SEATTLE (polymers.in): Net profit for Q1 at Indian Oil rises 31% on improved margins from petrochemical business
- Indian Oil Corporation reported a 30.9% increase in its net profit for the Q1 of fiscal 2016 - 2017.
- The company’s board also recommended the issue of bonus shares in the ratio of 1:1.
Fall in crude as OPEC output surges and dollar strengthens
- Brent crude fell 0.66 cents to USD 49.2/bbl while US crude was down 66 cents at USD 46.9.
- The main trigger for the fall in crude is the surging Middle East crude output and a stronger dollar that was boosted by speculation of a US rate hike.
Oil Companies May Spend $8 Billion to Start Output in Uganda
- Uganda expects three oil companies to invest USD 8 billion in the East African nation before they start producing crude in 2020.
- The government granted three permits to Total, as operator of Exploration Area 1, and five to Tallow, which is working on Exploration Area 2.
- Grant of these production licenses will trigger the immediate work programs and activities in preparation for the production of petroleum in Uganda.
Oil Falls to Two-Week Low as U.S. Supply Gain Seen, Dollar Rises
- Crude supplies probably climbed by 1.3 million bbl.
- Iran aims to raise oil output to 4 million bbl/day by the end of 2016.
- WTI for October delivery declined 63 cents or 1.3% to settle at USD 46.35/bbl.
- US crude supplies rose 942,000 bbl.
- Brent for October settlement decreased 89 cents or 1.8% to USD 48.37/bbl.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Dow Argentina transferring excess ethylene to European arm: source
- Dow Argentina is moving an ethylene cargo to its European arm and not offering it on a tender as previously expected.
- Dow typically follows restrictions imposed by the authorities that manage the country’s energy during the colder months.
Asian ethylene margins up on spot, co-products
- In Northeast Asia, naphtha based ethylene margins rose by 5.9% to USD 820/MT.
- LPG based margins rose by 3.1% to USD 900/MT.
- Spot ethylene prices gained USD 25/MT.
- In Southeast Asia, naphtha based ethylene margins rose by 4.2% to USD 698/MT, while LPG based margins rose by 0.4% to USD 743/MT.
US ethylene margins up for four straight weeks
- US spot margins for ethane-based ethylene rose by 9.0% in the week ended 26 Aug.
- Average spot prices for front-month ethylene spiked by another 8.2% week on week.
- Higher spot ethylene spot prices, combined with the 2.4% gain in cracker co-product credits, outweighed the 4.3% increase in feedstock ethane costs.
Asian PTA prices edge higher on Monday
- CFR China prices of PTA were assessed up at USD 615/MT levels, a rise of USD 5/MT from last Friday’s assessed levels.
- Upstream PX prices on Monday were assessed up at USD 785/MT FOB Korea levels.
- MEG prices on Monday were up at USD 645/MT CFR China levels.
Equistar seeking 4-cents/lb. North American PE increase in October
- Equistar Chemicals on Tuesday informed customers it plans to raise October PE prices by 4 cents/lb.
- The increase applies to all grades of PE and is in addition to a 5 cents increase being sought by North American producers in September.
Japan's Mitsubishi Chemical buys naphtha for H1 2017 at sharp discount
- Japan’s Mitsubishi Chemical has concluded a contract with trading firms to buy three 25,000 MT naphtha cargoes for delivery over Jan - June 2017 in a rare move.
- The contract was sealed eat a discount of around USD 5.50/MT to the Mean of Platts Japan naphtha assessments.
KPIC to shut down HDPE plant in Ulsan for maintenance
- KPIC is in plans to take a HDPE plant off-stream for a maintenance turnaround in October 2016for a period of around 8 - 10 days.