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.
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.