Crude oil prices edge higher on Wednesday

Published: Nov 11, 2016 18:23

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WTI for December delivery gained 0.64% to USD 45.27/bbl.

By Polymers

SEATTLE (polymers.in): Dow Jones Industrial average closed 256.95 points higher at 18,589.69.
- The S&P 500 index gained 23.7 points to 2,163.26.
- WTI for December delivery gained 0.64% to USD 45.27/bbl.
- Dated Brent for January rose 0.70% to USD 46.36/bbl.

ConocoPhillips wants to sell $8 billion worth of natural gas assets
- ConocoPhilips wil sell up to USD 8 billion in natural gas assets and trim its capital budget by 4% next year.
- Shares of Houston-based company were up 1% at USD 46.20 in premarket trading.
- Conoco plans to sell USD 5 billion to USD 8 billion in North American natural gas assets.

OPEC’s October record crude output casts doubts on freeze - IEA
- The 14 countries belonging to OPEC produced in October 33.83 m/day of crude oil, up 230,000 bbl from September.

Oil Output Surge Puts Pressure on OPEC as IEA Warns on Price
- The cost of failing to reach a deal this month is rising for OPEC as rival producers are set to revive production in 2017.
- Oil futures climbed about 16% in the two weeks after OPEC’s Sept 28.
- The IEA boosted estimates for supplies from outside OPEC in 2017 by 110,000 bbl/day due to an improved outlook for Russia.

Polymers Price
November export prices for European PP for CIS countries announced stable to soft
- November contract price of propylene in Europe was agreed up EUR 30/MT from the level in October.
- Negotiations on November prices for European PP began last week, but due to the public holidays they moved to the current week.

Polymers Demand
Donald Trump: Three Scenarios For The Chemicals Industry
- Mr. Trump’s appeal for unity during his acceptance speech leads to a period of compromise and calm reflection.
- International trade tensions build, particularly with China which is caught in a bind.
- By 2017, global economy enters recession and oil prices, chemicals prices and chemicals demand suffer major declines.

Mexico's Braskem Idesa Q3 polyethylene output jumps nearly 98%
- Mexican petrochemical producer Braskem Idesa nearly doubled PE production with 166,000 MT made at the facility.
- The project continues to be in the ramp-up phase and the PE plants operated at a 63% utilization rate in the quarter.

Courtesy: www.polymers.io

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