Oil complex little changed as markets await US election results

Published: Nov 11, 2016 10:09

Save

US WTI crude settled at USD 44.8/bbl.

By Polymers

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.

Polymers Demand
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.

Courtesy: www.polymers.io

Oil prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

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

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47