Trump could be great for Canadian oil

November 14, 2016 11:05:46 PM
SEATTLE (polymers.in):  A crude oil trader informed that prices dropped as the dollar index, which measures the currency against a basket of 10 peers rose to 98.70. 

Trump could be great for Canadian oil
- Trump’s presidency could benefit Canada’s oil industry in no small way.
- Canada’s latest GDP reading for August revealed an uptick of 0.2%. 

Oil rig count climbs by 2
- US oil rig count rose by two to 452 this week.
- Demand for oil rigs rose in the second half of this year as crude price stabilized in a price range between USD 40 and USD 50/bbl.
- OPEC pumped  33.64 million/day, up from 240,000 in September.
- WTI crude oil futures for December delivery fell by as much as 2% to USD 43.75/bbl. 

Oil down over 1% on supply concerns
- Oil was down by over 1% Friday on persistent concerns of a supply glut.
- US crude was down 72 cents or 1.61% at USD 43.94.
- Brent crude lost 1.37% to USD 45.21.
- OPEC rerouted record output last month of 33.64 million bbl/day. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
MEG prices race higher in Asia
- CFR China prices of MEG were assessed up at USD 740/MT levels, a sharp day on day increase of USD 25/MT. 

 Mitsubishi shuts PTA plant for maintenance
- Mitsubishi Chemical has taken its No. 2 PTA off-stream for a maintenance turnaround and will rain shut for around 3 weeks. 

MEG hits 2016 high on falling tank inventory
- MEG price rose to the fresh high within the year with domestic assessment up 195 Yuan/MT to 6210 Yuan/MT and CFR China assessment up USD 21/MT to USD 736/MT Thursday.
- Contract in Huaxicun Commodity Contracts Exchange closed 5.01% higher to 6,286 Yuan/MT.
- Inventory in East China main port decreased 62kt week on week to 503kt on November 10.

WTI and Brent Crude oil fall. European and Asian polymers mixed, US static
- WTI and Brent Crude oil fell over the week to 11th November to USD 43.22 and USD 44.64/bbl.
- European polymer prices were mixed over the week with reductions of 5 and 10 EUR/MT.
- Asian polymer prices were also mixed with increases of USD 25 and USD 30/MT reported in the prices of ABS and Polystyrene.
- US polymers remained unchanged apart from a reduction of 10 cents per pound reported in the price of Polypropylene. 

European Nov PP prices for CIS countries stable to soft
- European propylene contract price in November was agreed up EUR 30/MT from the level in October.
- Deals for homopolymers PP for November delivery into CIS markets were discussed this week in a wide range of EUR 960 - 1060/MT FCA, compared to the previous month’s range of EUR 980 - 1060/MT FCA.
- Deals for PP block copolymers were discussed a range of EUR 1050 - 1150/MT FCA. 

Mexico PVC November prices roll over from October
- Prices for all grades of PVC in Mexico rolled over in November from October, following earlier talk of potential increases of as much as USD 40/MT for this month.
- The currency exchange of the Mexican peso against the USD fluctuated from Ps 18.56/USD on 8 November.

Polymers Supply
PP plant to be shut by Chandra Asri
- Chandra Asri is in plans to take its PP plant off-stream for a maintenance turnaround in mid-November 2016 for around 15 days. 

Europe PE force majeure cases have little impact so far
- A couple of cases of PE force majeures in Europe have not had much impact on the market so far.
- HDPE capacity at the site runs at 420,000 MT/year, with PP output at 280,000 MT/year. 
- LDPE capacity is recorded at 65,000 MT/year. 

Turkmenistan exchange sells 10,000 tonnes of PP
- Turkmenistan’s State Commodity and Raw Materials Exchange sold this week 10,000 MT of PP.
- PP shipments were aimed within 10 months at a starting price of USD 830/MT.

Pertamina took off-stream PP plant in Indonesia for maintenance
- PT Pertamina, Indonsia’s state energy company, has shut its PP plant for a maintenance turnaround. The planned maintenance is expected to remain in force for a period of around 5 weeks.

Courtesy: www.polymers.io