November 23, 2016 01:28:52 AM
SEATTLE (polymers.in): According to Putin, he sees a high probability that an agreement to curb oil production will be reached at the November 30 meeting in Vienna.
- USD declines 0.2% to 1.0601/EUR.
- WTI crude oil rose 3.94% to settle at USD 47.49/bbl.
- Dated Brent for January surged 4.35% to USD 48.90/bbl.
We may never see USD 100 oil again
- Oil prices are unlikely to climb back to the USD 100 level, and will have a limited rise from the current spot price to between USD 60 and 70/bbl over the next few years.
Oil Speculators Growing Belief in OPEC Deal Shows Up in Options
- Speculators are starting to believe the OPEC can reach a deal to cut output next week.
- OPEC is in a final week of talks to try to overcome differences about how to share output cuts and implement the supply deal first outlined in late September.
Oil Closes Near USD 48 as OPEC Still Negotiating Iran, Iraq Cuts
- Futures ended the session little changed after rising and falling about 2%.
- WTI for January delivery fell 21 cents or 0.4% to close at USD 48.03/bbl.
- Brent for January settlement rose 22 cents to USD 49.12/bbl.
Oil Speculation Rule Gets Final CFTC Push Before Trump Takeover
- Timothy Massad is trying to push ahead before President elect Donal Trump takes office with controversial rules.
- The rule that the CFTC proposed in 2013 set limits in 28 commodities for derivatives traded on exchange.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
China's rapid urbanization seen boosting methanol, paraxylene demand
- Methanol demand in China is expected to rise by an average 8.8% per year to almost 80 million MT in 2020 from 52 million MT in 2015.
- PX demand is expected to grow by around 6.6% per year to 28.5 million MT in 2020.
Spot Europe ethylene cracker margins plunge on ample supply
- European naphtha-based spot cracker margins have reduced by a third week on week.
- Spot naphtha-based margins fell by about 32% on the back of the lower dollar-based spot prices.
- Contract naphtha-based cracker margins fell by 13% purely on the back of the feedstock gains.
Tomorrow’s Economic Supercycle: Only If We Build A lot More Toilets
- Countries that have more mobile phones than toilets will only be able to cash-in on their potential demographic dividend of youthful populations if basic needs are met.
- Close to one in five people living in megacities, cities, and towns across the world do not have access to a safe, basic toilet.
Hyosung Planning $1.2-Billion Investment In Vietnamese PP and LPG Plant Project
- Hanoi plans to invest USD 1.2 billion in a two-phase project, which involves construction of PP plants and LPG warehouse at Vietnam.
- The first phase involves construction of a 300,000 ton/year PP plant, at an investment of USD 336 million and a USD 133 million underground warehouse for LPG.