Oil prices: When the facts do not matter

Published: Oct 17, 2016 09:02

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OPEC production hit a record high in September of 33.64 million bbl/day.

October 14, 2016 01:58:21 AM
By Polymers ScrapMonster Contributor
SEATTLE (polymers.in): OPEC production hit a record high in September of 33.64 million bbl/day.
- The IEA forecast that the market will remain oversupplied through mid-2017 if OPEC doesn’t enact last month’s pledge in Algeria to cut supply to between 32.5 to 33 million bbl/day.

US oil prices at 2016 highs as Russia readies to align with OPEC's push to limit oil output
- Russian President Vladimir said Russia is ready to reduce oil production and support OPEC’s initiative to trim production as a way to support oil prices.
- WTI for November delivery spiked by over USD 1.50 to USD 51.3/bbl on the Nymex.

Oil Drops Below USD 50 as Concerns Emerge Over OPEC Reduction Plan
- Oil held near USD 50/bbl after US industry data showed an increase in stockpiles and differences emerged within OPEC over how members will share output cuts.
- Futures were little changed after after earlier sliding 1.1% in New York.
- US crude inventories rose by 2.7 million bbl last week.
- WTI for November delivery held steady at USD 50.19/bbl.
- Brent for December settlement was also little changed after losing as much as 48 cents or 0.9% to USD 51.33/bbl.

Ruble Reverses Gains with Slide in Crude as Goldman Sees Support
- Ruble dropped 0.5% per dollar to 62.98.
- Oil is still is almost 6% stronger this month and rising crude prices.
- Russia’s five-year government bonds fell, lifting the yield three basis points to 8.70%.

Oil Falls Second Day Amid Doubts OPEC Members Will Reduce Output
- Futures declined 1.2% in New York.
- OPEC agreed on September 28 to have a new output range of 32.5 million to 33 million bbl/day.
- WTI for November delivery fell 61 cents to USD 50.18/bbl.
- US crude supplies rose by 2.7 million bbl last week.
- Brent for December settlement dropped 60 cents or 1.1% to USD 51.81/bbl.

Intl. Offers for SE Asia in USD
- LLDPE USD 1170 (NC)
- HDPE Raff USD 1170 (+30)
- HDPE Inj. USD 1140 (+20)
- HDPE Blow USD 1140 (+20)
- HDPE Film USD 1140 (+50)
- LDPE USD 1220 (+10)
- PP Raffia USD 1010 (+20)
- PP Injection USD 1010 (+20)
- PP Film USD 1030 (+20)
- BOPP USD 1025 (+20)
- Block Copol USD 1080 (+20)
- PVC USD 905 (NC)
- PVC India USD 950 (NC)

Polymers Demand
Europe PE, PP players prepare to attend K 2016 trade fair
- Plastics players globally are preparing to attend the world’s biggest plastics show.
- The October ethylene contract rose by EUR 15/MT, while the propylene contract increased by EUR 35/MT.

Polymers Supply
LyondellBasell lifts force majeure on Polyethylene from Texas, Illinois
- LyondellBasell lifted force majeure on polyethylene from its LaPorte, Texas and Morris, Illinois.
- The La Porte plant has an annual LLDPE capacity of 355,166 MT/year and the Morris facility has an annual LLDPE capacity of 295,292 MT/year.

Gazprom neftekhim Salavat restarts PE production after turnaround
- Gazprom neftekhim Salavat, one of the largest Russian petrochemical producers, has resumed production of HDPE following scheduled maintenance work.

Japan Polypropylene building PP plant in Chiba
- Japan Polypropylene plans to build a new PP plant in Ichihara, Chiba Prefecture in fiscal 2019.
- The company has been working to reduce capacity by 30% from 2009 levels to 870,000 tons a year by 2017.

Courtesy: www.polymers.io

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