SEATTLE (polymers.in): OPEC informed last Friday that its output hit a record 33.64 million bbl/day in October and predict and even larger global surplus in 2017 than the IEA on Thursday.
- Prices also fell as the USD index rose 1.16% to 100.14.
US shale oil production declines continue to slow
- US shale oil production declines over the past year and a half are forecast to slow to 20,000 bbl/day in December.
- The Permian is expected to increase production 27,000 bbl/day to 2.065 million bbl/day in December, while the Niobara is forecast to raise output by 2,000 bbl/day to 404,000 bbl/day.
Oil demand growth could fall below 1% by 2018.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Asian ethylene prices edge lower on Monday
- CFR North East Asia prices of ethylene were assessed lower at USD 970/MT levels, a fall of USD 10/MT from last Friday’s assessed levels.
- CFR South East Asia prices of ethylene were assessed down at USD 940/MT levels, a decline of USD 5/MT from last Friday.
Europe propylene prices under pressure due to lengthy supply
- European propylene spot prices have come under additional downwards price pressure this week amid lengthening supply.
- The November contract price is EUR 755/MT FD NWE.
China January LLDPE futures extend sharp falls on panic selling
- China’s LLDPE futures prices continued to fall on Tuesday.
- In the spot market, offers for LLDPE film cargoes in north China are currently CNY 9.750 - 10,050/MT.
Changzhou PET units to be shut by CRC
- China Resources Polyester Changzhou is in plans to take its two bottle grade PET units off-stream and is expected to rain off-line for around 4-6 weeks.
PVC production in Russia dropped by 2% first ten months of 2016
- Production of unmixed PVC in Russia exceeded 627,000 MT in the first ten months of this year.
- Russia’s production of unmixed PVC decreased to 62,000 MT in October.
US ExxonMobil to raise PE capacity at Texas site
- ExxonMobil has begun construction of PE expansion project at its site in Beaumont, Texas, that will increase capacity there by 65%.
- The new unit would add 650,000 MT/year of PE capacity and be ready for startup in 2019.
PVC production in Russia dropped by 2% in January-October 2016
- Production of unmixed PVC in Russia exceeded 627,000 MT in the first ten months of this year, down 2% compared to the same period of 2015.
HMEL shuts PP plant in India on technical issues
- HMEL has undertaken an emergency shutdown at the plant on November 14, 2016 owing to a technical glitch.