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Oil futures decline despite surprise draw in US crude stocks
Oct 31,2016 10:29CST
industry news
US and UK crude fell back below USD 50/bbl in early afternoon trade on Wednesday.

By Polymers

SEATTLE (polymers.in):  US and Uk crude fell back below USD 50/bbl in early afternoon trade on Wednesday.
- Oil was down as much as 2% by early afternoon in London.
- US oil inventories showed a 55,000 fall in weekly supply, versus analysts expectations of a 2 million increase. 

Oil futures decline despite surprise draw in US crude stocks
- NYMEX December crude settled down 78 cents at USD 49.18/bbl.
- ICE December Brent settled 81 cents lower at USD 49.98/bbl.
- NYMEX November ULSD settled 1.2 cents lower at USD 1.5511/gallon.
- Crude stocks fell 553,000 bbl last week to 468.158 million bbl. 

Oil prices drop as concerns over global fuel glut re-emerge
- Brent crude futures were down 51 cents or 1% at USD 50.28/bbl.
- US crude was at USD 49.37/bbl, down 59 cents or 1.2%. 

Big Oil Braces for Profit Pain as Refining Safety Net Slips
- Profits from turning oil into gasoline and diesel contracted 42% last quarter from a year earlier to an average USD 11.60/bbl.
- Every USD 1 decline in the refining margin cuts BP’s adjusted pretax earnings by USD 500 million a year.
- BP is expected to report USD 688.7 million in adjusted Q3 profit on Nov. 1.
- For European refiners, gasoline was on average USD 7.51/bbl higher than benchmark Brent crude last quarter.
- Brent averaged USD 46.99/bbl last quarter. 

Oil Declines as West Coast Supply Drop Offset by Gains Elsewhere
- Nationwide crude stockpiles fell 553,000 bbl last week.
- West Coast oil supply decreased by 2.26 million bbl to 47.1 million.
- WTI for December delivery fell 78 cents or 1.6% to settle at USD 49.18/bbl.
- Brent for December settlement slipped 81 cents or 1.6% to USD 49.98/bbl.
- The nationwide gain left US crude supplies at 468.2 million in the week ended Oct 21.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
MEG price moves up in Asia, falls in US
- Asian MEG price rose USD 2/ton CFR China and CFR South East Asia in the second week of October.
- Spot MEG prices dropped US cent 0.50/pound on the week. 

Paraxylene prices surge in Asia, US while decline in Europe
- Asian PX prices were up USD 2/ton CFR Taiwan/China and FOB Korea in the second week of October.
- US spot PX rose USD 5/ton FOB USG.
- Europe spot PX edged down USD 3/ton on the week.

Polymers Demand
China’s Latest Real Estate Bubble And The Lessons Of History
- The anti-reformers are able to kick the can down the road and the real-estate bubble continues.
- Reforms gather pace and we see a bit of a dip in crude and also a slight reduction in chemicals demand.
- A major collapse in crude prices, in chemicals prices and demand. 

Demand in global expanded Polypropylene foam market to cross USD 1500 million by 2021
- Global demand in Expanded Polypropylene is projected to grow from USD 888.4 million in 2016 to USD 1525.1 million by 2021, at a CAGR of 11.41% from 2016 to 2021. Polymers Supply
Ukraine PE imports increase 25% in Jan-Sept year on year
- Imports of PE into Ukraine increased to 194,200 MT in the first nine months of 2016.
- HDPE imports into the country reached 91,000 MT in January - September of this year.
- LDPE imports into Ukraine exceeded 50,000 MT in the first nine months of the year, up by 7% year on year. 

PE imports to Belarus grew 31.2% in the first eight months of 2016
- Overall imports of PE into the Republic of Belarus rose in the first eight months of 2016 by 31.2% year on year, totaling over 83,700 MT.

Courtesy: www.polymers.io


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