China overtook US as biggest oil importer in September

Published: Oct 18, 2016 10:04

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Consolidation and at least a 20% jump in oil prices are needed to stabilize the Arabian Gulf petrochemical sector.

By Polymers

SEATTLE (polymers.in): Consolidation and at least a 20% jump in oil prices are needed to stabilize the Arabian Gulf petrochemical sector.
- Brent crude was trading at USD 52.73/bbl.

European fuel oil hi-lo hits two-year high on refinery maintenance, firm demand
- The premium of FOB Northwest Europe 1% sulfur fuel oil cargoes to 3.5% sulfur FOB Rotterdam barges.
- FOB NWE low sulfur fuel oil cargoes have reached minus USD 5.46/bbl to Dated Brent.

India gets first Iranian crude oil cargo for strategic reserves
- India received its first consignment of 260,000 MT of Iranian crude for its strategic reserves on the west coast.
- ISPRL targets to develop 39 million bbl of strategic crude oil storage capacity at three locations on the eastern and western coasts.

Oil Rebound’s Dirty Little Secret Threatens US Gas Bulls
- Gas production in most of the country has dropped amid cost-cutting.
- The Permian’s resilience may blindside gas bulls who’ve nudged prices above USD 3/million British thermal units for the first time in 16 months.

North Dakota Is Pumping Oil at the Slowest Pace in Two Years
- North Dakota oil production dropped below one million bbl/day in August.
- Williston Basin fell to 981,000 bbl/day.

China Overtook US as Biggest Oil Importer in September
- China is now the world’s biggest oil importer, unseating the US.
- China’s crude imports climbed to a record 8.08 million bbl/day in September, a year on year increase of 18%.

Oil Rises as Fuel Supply Drop Offsets Crude Stockpiles Increase
- Crude stockpiles rose 4.58 million bbl last week.
- Oil has traded near USD 50/bbl as investors weigh whether the OPEC will execute plans to curb output.
- WTI for November delivery climbed 26 cents to close at USD 50.44/bbl.
- Brent for December settlement rose 22 cents to USD 52.03/bbl.
- Crude stockpiles along the East Coast, increased by 3.06 million bbl to 18.3 million.
- Crude imports advanced 2% to 7.86 million bbl/dat last week.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Sharp Propylene Rebound for the United States - Why?
- Prices of propylene softly increased over the first half of 2016, rising 33% between the end of Feb and the beginning of August.
- Flint Hills Resources temporarily shut its 545,000 MT/year PDH plant.

Global ethylene market to register CAGR of over 11% till 2025
- Growing demand for ethylene and its derivatives from packaging and construction sector will drive the global ethylene market through 2025.
- The global ethylene market is forecast to grow at a CAGR of 11.6%, during 2016 - 2025.

Northeast Asia ethylene prices rebound post-China holiday
- Two spot ethylene cargoes of at least 3,000 - 3,500 MT each were sold into China this week at USD 1050 - 1075/MT CFR NE Asia for November delivery.
- LDPE prices in east China rose to yuan 11,300 - 11,500/MT.

Sabic left November MEG prices at the level of October
- Sabic in October increased prices MEG Asia at USD 40/ton relative to the price level in September.
- The price range of the Russian PET last week totaled 80,000 - 83,000 rubles.

LatAm PE dropping back to August price levels
- In Colombia, Peru and Chile, PE prices on a CFR basis for HDPE is at USD 1170 - 1240/MT, LLDPE is at USD 1280 - 1290/MT and LLDPE is at USD 1330 - 1410/MT.

Turkey PP, PE demand, prices flat as lira drops to record low
- Prices and demand for PP and PE have remained largely flat in the week that the Turkish lira fell to a new record low against the USD.
- Demand for exports of finished goods is also not very strong in Turkey.

Polymers Demand
PVC imports to Russia surge 78% in first nine months of 2016
- Imports of SPVC to Russia totaled 115,600 MT in the first nine months of 2016, up by 78% year on year.
- Overall imports of resin to Russia totaled 115,600 MT in Jan - Sept 2016.

Courtesy: www.polymers.io

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