By Polymers
SEATTLE (polymers.in): WTI crude was down USD 1.12 or 2.2% at USD 49.73.
- Brent was down USD 1.16 or 2.3% at USD 50.62/bbl.
- OPEC plans to reduce production to a range of 32.50 million to 33.0 million bbl down from 33.39 million bbl/day in September.
Oil producers haven't been this cautious on oil prices since 2007
- US crude oil futures contracts that are held by producers and merchants totaled 540,000 as of October 11.
- US crude oil futures fell on Monday, down 1% to USD 50.34/bbl.
Potential crude oil output deal 'to satisfy all countries' involved
- The planned crude oil production deal by OPEC and non-OPEC countries, including Russia, would satisfy all the producers that are to take part in the initiative.
- Novak is meeting OPEC Secretary General Mohammed Barkindo Monday in Vienna, as part of an annual energy dialogue between Russia and OPEC.
Oil, Gas Impairment Charges Seen Curbing Singapore Bank Profits
- DBS Group Holdings Ltd. is expected to lead the increase in impairment charges of USD 255 million for the period.
- Net income at DBS and OCBC fell 2.6% and 2.2%.
- Goldman Sachs analyst Melissa Kuang estimates OCBC’s impairment charges increased 3.4%.
Oil Declines as Iraq Seeks Exemption From OPEC Production Curbs
- Futures dropped 0.7%.
- WTI for December delivery slipped 33 cents to close at USD 50.52/bbl.
- Brent for December settlement fell 32 cents or 0.6% to USD 51.46/bbl.
Oil Investors Ease Back as Market Steadies Before OPEC Talks
- OPEC announced a deal to cut production to between 32.5 million and 33 million bbl/day.
- WTI slipped 1% during the report week to USD 50.29/bbl.
- US stockpiles dropped 5.25 million bbl to 468.7 million.
RIL and Samsung Heavy Industries to sign USD 600 million pact for six ethane carriers
- RIL is sent to buy six very large ethane carriers from South Korea’s Samsung Heavy Industries Co Ltd for USD 600 million.
- RIL had entered into a strategic association with Japanese shipping powerhouse Mitsui OSK Lines for the ethane carriers in Dec 2014.
Naphtha crack in Asia rises to highest level since September 29 amid reduced supplies
- Naphtha crack in Asia rose to USD 58.2 towards the end of the previous week.
- Lotte Chemical has bought four naphtha cargoes averaging 25,000 tons each for H1-December delivery to Daesan and Yeasu at discounts of about USD 4.50 to 5/ton. Polymers Demand
Stunning Agreement On HFCs Offers Huge Opportunities
- No deal would have been done if developed countries hadn’t agreed to provide the financial and technological assistance necessary for countries such as India to mitigate the extra cost of sustainable air-conditioning.
- Chemical companies will also lose out if they are too hung-up on narrow Western definitions of returns on investments.
Polymers Supply
Braskem and Toyota Tsusho renew alliance for distribution of Green PE
- Braskem and Toyota Tsusho announced renewal of the agreement for the distribution of I’m green Polyethylene in Asia.
PP imports to Kazakhstan up 8% in the first eight months of 2016
- Imports of PP into Kazakhstan rose in the first eight months of 2016 by 8% year on year and exceeded 15,000 MT.
Kazakhstan PE imports fall 15% January - August
- Imports of polyethylene into Kazakhstan dropped to about 63,200 MT in Jan-Aug 2016.
Courtesy: www.polymers.io
