Oil falls as US crude supply grows, Russia optimistic on deal

Published: Nov 21, 2016 10:10

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WTI for December delivery slipped 24 cents to settle at USD 45.57/bbl.

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in): Libya with Africa’s largest crude reserves currently produces 600,000 bbl/day.
- According to Mustafa Sanalla of National oil Corp., they are seeking to boost output to 900,000 bbl/day by the end of 2016 and about 1.1 million bbl next year.

Oil Falls as US Crude Supply Grows, Russia Optimistic on Deal
- Stockpiles climbed 5.27 million bbl last week.
- Refiners used 16.1 million bbl/day of crude, up 309,000 bbl from a week earlier.
- WTI for December delivery slipped 24 cents to settle at USD 45.57/bbl.
- Brent for January settlement slipped 32 cents to USD 46.63/bbl.
- Inventory gain left US crude supplies at 490.3 million in the week ended 11 Nov.

Saudi, Russian energy ministers may meet in Doha ahead of OPEC.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
NWE solvent naphtha truck premium to barges at 11 month-high
- Solvent naphtha trucks prices were assessed at EUR 670/MT FD NWE Tuesday.
- The barge price of solvent naphtha was assessed at USD 545/MT FOB ARA, down USD 10/MT.

Ethylene Propylene Diene Monomer market size expected to reach USD 4.28 billion by 2024
- Ethylene Propylene Diene Monomer market size is expected to reach USD 4.28 billion by 2024.
- Lubricant additive applications are estimated to expand at over 4% CAGR from 2016 to 2024.

Paraxylene price declines amid falling crude
- Asian PX prices declined USD 15.34/ton CFR Taiwan/China and FOB Korea in the first week of November.
- US spot PX fell USD 15/ton FOB USG on the week.
- In Europe, PX prices retreated USD 14.50/ton.

MEG price jumps in Asia, edges down in Europe
- Asian MEG prices jumped further USD 24/ton CFR China and CFR South East Asia in the first week of November.
- European MEG spot prices fell EUR 5/ton FD NWE on the week.
- US spot MEG increased US cent 0.50/pound on the week.

Polymers Supply
Lotte Chemical Titan to shut HDPE plant for maintenance
- Lotte Chemical Titan is likely to undertake its HDPE plant off-stream for a maintenance turnaround in mid-December 2016 for a period of around 3 weeks.

PVC imports to Russia up 60% year on year in first 10 months of 2016
- Imports of SPVC into Russia totaled 124,100 MT in the first 10 months of 2016, up 60% year on year.

China LLDPE, PP futures extend sharp falls on panic selling
- China’s polyolefin futures prices closed sharply lower for the second consecutive session this week amid panic selling.
- January 2017 LLDPE closed lower by CNY 250/MT to CNY 9,665/MT.

HDPE imports into Russia decreased by 21% in January - October 2016
- Total imports of HDPE into Russia decreased to about 125,800 MT in the first ten months of 2016.

ExxonMobil to increase Beaumont PE capacity in Texas by 65%
- ExxonMobil has announced its plans to add a new production unit its Beaumont PE plant that will increase capacity by 65% or approximately 650,000 MT/year to meet growing demand for high performance plastics.

Courtesy: www.polymers.io

Oil prices

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