Oil is shooting higher

Published: Nov 24, 2016 13:44

Save

US WTI crude is the biggest gainer on Monday, up over 1.7% in early London trade.

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in): Oil prices are jumping on Monday, boosted by hopes of a looming production cut and a weaker dollar.
- US WTI crude is the biggest gainer on Monday, up over 1.7% in early London trade.

Goldman Says Scope for OPEC Deal Makes Oil Short-Term Buy
- Goldman is now tactically bullish on the likelihood of an OPEC agreement and expects oil prices in New York to average USD 55/bbl.
- Prices in New York rose as much as 3.1% to USD 47.11.
- Global benchmark Brent rose as high as USD 48.40/bbl, up 3.3%.

Asian Stocks Rise as China Climbs, Energy Shares Gain on Oil
- The MSCI Asia Pacific Index climbed 0.3% to 134.36.
- The Topic rose for an eight day as the yen traded at 110.88/dollar after exports fell more than forecast in October.
- India’s S&P BSE Sensex sank 1.5% for its sixth day of losses amid concerns about the economic impact.
- Philippine equities dropped 1.3%.
- South Korea’s Kospi index dropped 0.4%.

Naphtha at 5 session high amid firm demand and low incoming European cargoes
- Naphtha in Asia ended the week at a five-session high of USD 82.8/ton.
- In the Philippines, JG Summit is to buy a total of 420,000 tons of naphtha for 2017 delivery to Batangas.

Final test set for Mexico's Ethylene XXI
- The ethylene XXI joint venture in Mexico owned by Braskem Idesa is running smoothly with the final performance test of the LDPE unit to be completed in December.
- Ethylene XXI consists of a 1.05 million MT/year ethane cracker, 750,000 MT/year of HDPE capacity in two units and a 300,000 MT/year LDPE unit.

Asia ethylene margins split by spot price moves
- In NE Asia, spot ethylene prices rose USD 10/MT.
- In NE Asia, ethylene margins for naphtha based product rose 7.9% during the week to USD 599/MT.
- In SE Asia spot ethylene prices fell USD 40/MT.

MEGlobal raising Dec North American benchmark MEG price 2 cents
- MEGlobal will increase its North American benchmark for MEG by 2 cents/lb. to 40 cents/lb. for December.
- LyondellBasell announced a December MEG price increase of 4 cents/lb.
- Shell Chemical has planned a rise of 2 cents/lb. for December.

Polymers Demand
Africa's largest economy is stuck in a painful recession
- Gross domestic production in Africa shrank by 2.24% in the Q3 of 2016.
- Consumer prices rose by 18.3% year over year in October.

Carmel Olefins introduces new Capilene CT 80A polypropylene resin
- Carmel Olefins has developed new PP grade Capilene CT 80A.

Courtesy: www.polymers.io

Oil prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47