US WTI crude settled at USD 44.8/bbl.
SEATTLE (polymers.in): US WTI crude settled at USD 44.8/bbl.
- US crude futures were also supported by a weekly drop of 442,077 bbl of oil at the US delivery hub in Cushing, Oklahoma.
Oil complex little changed as markets await US election results
- NYMEX December crude settled 9 cents higher at USD 44.98.
- ICE January Brent touched an intraday low USD 45.60/bbl.
OPEC Raises Oil-Demand Forecast on Outlook for Cheaper Crude
- Oil demand will reach 95.3 million bbl/day in 2017.
- OPEC also raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3 million bbl/day, or 900,000 more than the group projected in its previous annual outlook.
- OPEC cut its estimates for crude prices by USD 20/bbl for each year from 2016 to 2020.
- Demand in India will grow to 5.4 million bbl/day by 2021, a 32% increase from 2015.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
MEG prices in Asia inch lower
- CFR China prices of MEG were assessed down at USD 685/MT levels, a drop of USD 5/MT from last Friday’s assessed levels.
- In China, domestic prices were lower at Yuan 5840/MT levels.
Propylene prices down adjust in Asia
- On Friday, FOB Korea propylene prices were assessed down at USD 750/MT levels, a sharp week on week fall of USD 25/MT.
- CFR Taiwan prices of propylene were lower at USD 790/MT levels, a decline of USD 10/MT from the previous week.
- CFR China prices of propylene were assessed down at USD 790/MT levels, a week on week fall of USD 20/MT.
- CFR South East Asia prices of propylene were assessed lower at the USD 720/MT, a week on week drop of USD 10/MT.
US spot methanol prices reach one-year high in thin trade
- US spot methanol prices gained 4.5 cents/gal Tuesday, reaching a one-year high at 87.50 cents/gal US Gulf Coast.
- Market talks were heard in the 87 - 90 cents/gal range prior to the Platts Market on Close assessment process.
100% polyethylene solution offers a more recyclable solution for laminated packaging
- ExxonMobil and ThanhPhy have collaborated to push the boundaries for a 10% PE solution to address the market’s demand for a more recyclable solution for laminated packaging.