Oil holds above USD 50 as Russia weighs boost, Nigeria cuts prices

Published: Oct 26, 2016 10:04

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The oil rig count now stands at an eight month high at 432 sites, but still 16 rigs lower than the 595 figure that we saw one year ago.

By Polymers

SEATTLE (polymers.in): According to the CEO of ExxonMobil, it was unlikely that output from the United States would see a decrease anytime soon.
- US drilling activity, which has seen dramatic cuts over the past two years, will rebound even if the market recovers slowly.
- The oil rig count now stands at an eight month high at 432 sites, but still 16 rigs lower than the 595 figure that we saw one year ago.

Oil is tumbling after Russia’s largest oil company said the country can 'significantly' pump up production
- WTI crude price is down by 2.3% at USD 50.65/bbl.
- Brent crude price is down by 2.5% at USD 51.38/bbl.

US FERC eyes reforms to improve review of oil pipe rate changes
- US Federal Energy Regulatory Commission on Thursday sought comment on possible policy changes it could adopt to strengthen its review of oil pipeline index rate changes and balance the need for information on oil pipeline.

Oil Holds Above $50 as Russia Weighs Boost, Nigeria Cuts Prices
- Crude held losses near USD 50/bbl as investors weighed the likelihood of a deal to reduce supply after Russia’s largest oil company.
- December futures lost 0.5% after declining 2.3% Thursday.
- WTI for December delivery was at USD 50.40/bbl.

Nigeria Cuts Oil Prices, Sees a Huge Cargo Overhang in Market
- Nigeria National Petroleum Corp. lowered by at least USD 1/bbl its official selling prices.
- The price reductions are due to a huge cargo overhang as the country attempts to regain market share.
- Brent crude futures slumped as much as 2.7% to USD 51.27/bbl.

Hong Kong Stocks Advance as Oil Price Gain Buoys Energy Shares
- The Hang Seng Index added 0.3%. It closed at 23,374.4, with turnover near the lowest since July on Thursday.

EIA: US shale oil, gas production set to decline in November
- IEA expects Bakken shale oil production to drop from 967,000 bbl/day in October to 946,000 bbl/day in November.
- Shale oil production in the Eagle Ford play is projected to decline from 982,000 bbl/day in October to 947,000 bbl/day in November.

Polymers Demand
Global Chemicals Operating Rates Lowest Since 1987
- Based on American Chemistry Council data and borrowed form the latest PH report, it shows that average global chemicals capacity utilization is at its lowest level since 1987.
- The economic stimulus that has taken place since the Global Financial Crisis was supposed to return the world economy to much-healthier growth.

100% polyethylene solution for a more recyclable solution for laminated packaging
- ExxonMobil and Thanh Pay have collaborated to push the boundaries of a 100% PE solution to address the market’s demand for a more recyclable solution for laminated packaging.

US Stocks Slip as Earnings Results Weigh on Phone, Tech Shares
- US stocks edged lower as disappointing results from Verizon Communications Inc. to Ebay Inc.
- S&P 500 Index fell 0.1% to 2,141.34.
- The Dow Jones Industrial Average lost 40.27 points or 0.2% to 18,162.35.
- The Nasdaq Composite Index declined 0.1%.

Polymers Supply
PVC imports to Belarus down 21% in the first eight months of 2016
- Overall imports of unmixed PVC into Belarus decreased in the first eight months of 2016 by 21% year on year, totaling 15,300 MT.

Courtesy: www.polymers.io

oil

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