Home / Metal News / Copper / Crude oil is getting slammed after another OPEC meeting flop
Crude oil is getting slammed after another OPEC meeting flop
Nov 2,2016 15:52CST
industry news
Oil prices dropped about USD 2/bbl on Monday.

November 02, 2016 01:32:17 AM
SEATTLE (polymers.in):  Oil prices dropped about USD 2/bbl on Monday.
- Brent was down USD 1.50 at USD 48.20/bbl.
- US WTI futures settled down USD 1.84 to 3.8% at USD 46.86. 

Texas' battered oil and gas industry may finally be turning around
- Total Texas crude and condensate production for August was 2.7 million bbl/day.
- ConocoPhillips announced Q3 losses of USD 1 billion, down from USD 1.1 billion losses this time last year. 

Analysis: Iran eyes new crude oil buyers, Asia remains linchpin
- Iran continues its quest for new crude buyers, especially In Europe, but its loyal customer base will continue to hinge on countries like India and China.
- Exports to Asia accounted for 79% or some 1.72 million bbl/day of total outflows, marking a fall of around 300,000 bbl/day from August.
- India was the largest buyer of Iranian crude last month, totaling 602,456 bbl/day, up from 458,880 bbl/day in August. 

Traders expect Saudi Aramco, ADNOC to raise OSP crude oil grade differentials for Asia
- Five traders surveyed by S&P Global Platts said that state-owned Saudi Aramco was likely to raise the December OSP differentials for Arab Light, Medium and Heavy crude by between 70 cents/bbl and USD 1.20/bbl. 

Oil falls as non-OPEC countries yet to pledge concrete output steps
- London Brent crude for December delivery was down 29 cents or 0.6% at USD 49.42.
- NYMEX crude for December delivery was trading down 23 cents or 0.5% at USD 48.47/bbl.
- Russia expects to increase its oil output by 0.7% next year and a further 0.9% in 2018.

Oil Trades Near One-Month Low as OPEC Accord Remains Unresolved
- Futures fell as much as 1.1% after sliding 2.1% at the end of last week.
- WTI for December delivery dropped as much as 53 cents.
- Brent for December settlement lost as much as 42 cents or 0.8% to USD 49.29/bbl. 

Bets Are On for Oil Prices to Slump Again
- The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops.
- OPEC agreed in the Algerian capital last month to trim production to a range of 32.5 million to 33 million bbl/day. 
- WTI dropped 0.7% to USD 49.96/bbl.
- OPEC’s 14 members pumped a record 33.75 million bbl/day in September.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
US MEG production rises in Q3 even amid maintenance: AFPM
- US MEG production reached 324,000 MT in the Q3, 8% higher than 298,000 MT in Q3 2015.
- LyondellBasell and Nan Ya Plastics were expected to undergo planned turnarounds at their respective MEG plants in Pasadena and Point Comfort, Texas.
- US spot MEG was assessed at USD 628 - 650/MT. 

Outlook: Bullishness in Asian ethylene market likely to ease in H1 2017
- Bullish sentiment in the Asia ethylene market will likely ease in the first half of 2017.
- In South Korea, three steam crackers out of a total of 11 were shut for annual maintenance in 2016.
- CFR Northeast Asia ethylene price climbed up to UD 1200/MT on April 8. 

Asia ethylene margins fall on product prices
- Asia ethylene spot prices fell by USD 35/MT in Northeast Asia.
- Naphtha based ethylene margins fell by 8.2% in Northeast Asia.
- Feedstock costs on an ethylene production basis fell by USD 25/MT.
- Asia ethylene spot prices fell USD 30/MT in Southeast Asia.
- Naphtha-based ethylene margins fell by 6.7% in Southeast Asia.

Polymers Demand
A Donald Trump Presidency: Scenarios For US Polyethylene
- Growing sustainability concerns in the West. Environmental consciousness is on the rise as the can do anything optimism of the baby generation is replaced by a more cautious future.
- China’s attempt to escape its middle-income trap because it confronts an aging population.

Courtesy: www.polymers.io

crude oil prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news