SEATTLE (polymers.in): Having successfully raised USD 18 billion in the bond market, Saudi Arabia is better positioned to withstand the loss of some revenue.
- Iraq, OPEC’s second-biggest producer, was the latest to plead for an exemption from a cut, citing its fight against Islamic State s a cause of hardship.
- Libya and Nigeria, two OPEC producers who have seen production curtailed by domestic conflicts, have together added 800,000 bbl/day of output a day since Sept.
Here's how oil transformed America
- The US pumped 488,000 bbl/day of crude oil that year.
- Crude oil production, have peaked at 9.6 million bbl/day in 1970, steadily declined until 2008.
- According to EIA’s reference case scenario for 2040, the fossil fuel share will drop to 76.6% of energy consumption within 25 year.
Oil rig count climbs by 9
- US oil-rig count climbed by nine to 450 this week.
- Oil rig count fell for the first time in four months, by two to 441.
- Tally of gas rig rose by three to 117 and miscellaneous rigs were unchanged at two, taking the total rig count up by 12 to 569.
Crude oil is going wild amid more OPEC rumors
- Energy component tumbled to almost USD 43.50 bbl, a loss of more than 2% after an OPEC.
- WTI crude oil is down 0.49% at USD 44.51/bbl.
- Brent crude oil is lower by 0.5^% at USD 46.13/bbl.
Crude prices rise from 5 week lows on attack in Nigeria, weaker US dollar
- Crude oil futures have risen from 5 week lows as news of an attack on a Nigerian oil pipeline and a weaker USD buoyed sentiment in the market.
- Brent crude rose by over 1% to USD 47.3, while US futures traded at USD 45.7/bbl.
Analysis: US crude exports hit record in September
- US crude exports rose 35,000 bbl/day to a record 692,000 bbl/day in September after Brent’s premium to WTI widened.
- US exported crude to 13 countries in September, led by Canada at 243,000 bbl/day.
Oil Rebounds Before US Election Amid OPEC Deal Uncertainty
- Futures rose as much as 2.1%.
- Oil has retreated below USD 45 bbl.
- WTI for December delivery rose as much as 92 cents to USD 44.99/bbl.
- Brent for January settlement rose as much as 80 cents or 1.8% to USD 46.38.
Saudi Former Oil Minister Says OPEC Can’t Cut Output by Itself
- OPEC can’t cut oil production alone to stabilize the market.
- OPEC meets on November 30 in Vienna to try to implement its first cuts in eight years. Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene prices drop in parts of Asia on Thursday
- CFR South East Asia prices of ethylene were assessed down at USD 990/MT levels, a decline of USD 15/MT from Wednesday’s assessed levels.
- CFR North East Asia prices of ethylene were assessed steady at USD 1025/MT levels.
Inter Pipeline Ltd. to decide by 2017 on plans to build 2 propane to propylene plants
- Inter Pipeline Ltd. expects to decide by 2017 whether it will build two PET plants that would convert propane to propylene and could be operational by 2021.
US propylene inventories increase by 8.3% week on week
- US propylene inventories rose by 8.3% in the week ending on 28 October.
- Year on year, propylene inventories are now only 0.6% below levels at 3.731 million bbl in the week ending on 30 October 2015.
PTA price edges down amid volatility in futures market
- Asian PTA markers fell USD 4/ton CFR China and CFR Southeast Asia in the third week of Oct.
- In Europe, October contract price fell EUR 5/ton.
- In US, October PTA price increased US cent 0.50/pound on the week.
Bio Polypropylene market to exceed USD 40 million by 2022
- The global bio PP market size is likely to be valued at USD 40.3 million by 2022.
- Global Bio PP market size was estimated 11.4 kilo tons in 2014 and should register 18 kilo tons by 2022, growing at over 6% from 2015 to 2022.
Chlorinated Polyethylene demand estimated to register 8% CAGR from 2016 to 2021
- The global chlorinated PE market is projected to grow from USD 395.4 million in 2015 to USD 620.2 million by 2021.
Polypropylene to grow well in global composites industry by 2021
- Polypropylene resin market in the global composites industry is expected to reach an estimated USD 657 million by 2021 and it is forecast to grow at a CAGR of 6% by value from 2016 to 2021.
Bio (Polypropylene) PP market size to exceed USD 40 million by 2022
- Global Bio PP market size was estimated 11.4 kilo tons in 2014 and should register 18.0 kilo tons by 2022.
- Europe bio PP market share dominated global demand and accounted for 37.6% of the total volume in 2014.
- US bio PP market share is likely to witness significant growth at an estimated CAGR of 6.5% from 2015 to 2022.