Oil is spiking-20th October Polymer News Summary

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in):  Prices for WTI crude were up by 3.1% to a 15-month high of USD 51.83/bbl.
- Prices for Brent crude were higher by 2.7% at USD 53.05/bbl.  

Sabic, Saudi Aramco Form Team to Rush Oil-to-Chemicals Project.  

Ruble Climbs With Russian Bonds as Oil Uptick Offsets Syria Woe
- Russia’s currency strengthened 0.8% to 62.29 against the dollar.
- Russia’s Finance Ministry sold all 10 billion rubles of January 2025 floaters at auction on Wednesday. 

China Crude Output Stabilizes After Falling to Six-Year Low
- China added 0.3% last month to about 3.9 million bbl/day.
- Output dropped 9.8% in September from a year ago to 15.98 million MT.
- Brent added 49 cents or 1% to USD 52.17/bbl.
- Oil refining was up 2.4% from a year ago to 43.8 million tons, or 10.7 million bbl/day.  

Oil Reaches 15-Month High on Supply Drop, OPEC Outlook
- Futures jumped 2.6% to settle at the highest level since July 2015.
- According to EIA, nationwide crude supplies dropped by 5.25 million bbl.
- WTI for November delivery rose USD 1.31 to settle at USD 51.60/bbl.
- Brent for December settlement advanced 99 cents or 1.9% to settle at USD 52.67/bbl. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Naphtha crack in Asia march higher on expected lower supplies
- Naphtha crack in Asia rose for the fourth straight session on Tuesday to reach USD 57.29/ton.
- India’s October shipments were seen at less than 600,000 tons because IOC exports from Paradip were mostly absent.  

BASF confirms FMs on naphtha, C2 and C3 offtakes, declares two more
- BASF confirmed on Wednesday afternoon it has declared force majeures on off takes of ethylene, propylene and naphtha at its Ludwigshafen site after a fire on 17th Oct.  

MEG price inches up amid firm sentiment
- Asian MEG prices inched up USD 5/ton CFR South East and CFR China in the first week of October.
- In Europe, MEG contract rolled over led to steady spot prices on the week.
- In US, MEG October contract price was up US cents 1.33/pound.  

Paraxylene price moves up in tandem with crude oil
- Asian PX prices were up USD 10/ton CFR Taiwan/China and FOB Korea in the first week of October.
- In Europe, PX prices were up USD 5/ton on the week.
- In US spot PX increased USD 10/ton FOB USG. 

Polymers Price
Rollovers for US PE, PP in October; drops in November
- US PE and PP contracts will probably stay flat in October but drop in November
- US PE rose 5 cents/lb. in September.
- PP rose 6 cents/lb. September. 

Polymers Demand
CB&I unveils Polypropylene Technology Catalyst Plant
- CB&I has announced the opening of a new PP catalyst production plant in Louisville, Kentucky.
- The new plant will manufacture high-performing, innovative catalysts to help the global industry efficiently produce a complete portfolio of PP resins.  

SE Asia PP market awaits direction from China, upside limited
- Southeast Asia’s PP is waiting for price direction from the key China market after values bottomed out last week.
- PP flat yarn and injection grades inched up by USD 10 - 20/MT, while the other grades held steady. 

Polymers Supply
Ningbo Fortune to start up PDH, PP units in end Oct
- Ningbo Fortune Petrochemical Co., Ltd has scheduled complete start up of its 660,000 tap PDH unit and 400,000 tap PP  unit by the end of October.  

Zhongtian Synergetic to startup 350,000 tpa PP production
- Zhongtian Synergetic has gone through all the processes of its newly built 350,000 tap polypropylene plant and scheduled to start production of homo PP raffia T30S in the coming week. 

Courtesy: www.polymers.io