Crude oil spikes as more OPEC rumors surface

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in):  WTI crude oil is higher by 1.08% at USD 49.64/bbl.
- Brent crude oil is up 1.43% at USD 50.61/bbl.

Oil Rises From 3-Week Low on Report Gulf Nations May Cut Output
- Oil prices rose 1.1% in New York.
- Oil has fluctuated near USD 50/bbl amid uncertainty about whether the OPEC can implement its first output cuts in eight years at an official gathering in November.
- WTI for December delivery advanced 54 cents to settle at USD 49.72/bbl.
- Brent for December settlement increased 49 cents or about 1% to settle USD 50.47.

Mid-USD 50/bbl oil is catalyst for sustained North American recovery: Baker Hughes CEO. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
17 ethylene outlook is too bearish - US Dow CEO
- Analysts and consultant expectations of a very weak ethylene and derivatives market for 2017 are way too pessimistic.
- Dow has another robust performance in Q3 from is performance plastics segment, where its PE business resides with 11% underlying volume growth year on year. 

MEGlobal on track to start up US plant in mid-2019 - CEO
- MEGlobal is on track to start up its shale has-based 750,000 MT/year MEG plant.
- MEGlobal is a wholly-owned subsidiary of Kuwait’s EQUATE Petrochemical Company. 

European PVC prices have increased in Turkey
- European PVC on CFR in Turkey rose to USD 870 - 880/ton for PVC K = 67, and USD 900/MT.

Polymers Demand
UK economy grows 0.5% in three months despite Brexit vote
- UK’s economy expanded by 0.5% in the July to September period.
- The economy was boosted by a strong performance from the services sector, which grew by 0.8% in the quarter.

Polymers Supply
PVC plant to be shut by Taiyo Vinyl for maintenance
- Taiyo Vinyl is likely to take its PVC plant off-stream for a maintenance turnaround in Q1, 2017. 

PET resin manufacturing plant opens at N’ganj
- Bangladesh’ first and lone PET resin manufacturing plant was opened at Rupganj in Narayanganj. 
- The plant would be the first of its kind in Bangladesh to produce food grade and fiber grade PET resin based on recycled PET bottles.

Courtesy: www.polymers.io