US Oil rig count rises for 4th straight week

Published: Nov 28, 2016 11:07

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US oil rig count rose by 3 to 474 this week.

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in): US oil rig count rose by 3 to 474 this week.
- Russian, Iran, and Iraq all indicated that they were open to discuss a 4% to 4.5% cut in output at the meeting of oil producers.

OPEC’s Latest Headache: Russian Reluctance to Cut Oil Output
- Saudi Arabia and its allies privately expected Moscow would eventually join a cut if the OPEC delivered its own reduction.
- Russia already said to reap USD 6 billion from OEPC deal talks.

Oil Closes Near USD 48 as Iraqi Remark Seen Boosting OPEC Deal Odds
- Oil closed near USD 48/bbl in New York after Iraq’s prime minister said the country will participate in an OPEC production reduction.
- WTI for January delivery slipped 7 cents to close at USD 47.96/bbl.
- Brent for January settlement decreased 17 cents to USD 48.95/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Asian propylene prices climb on Tuesday
- FOB Korea prices of propylene were assessed up at USD 790/MT levels, a day on day rise of USD 15/MT.
- CFR China prices were assessed higher at USD 840/MT levels, a gain of USD 15/MT from Monday’s assessed levels.

Naphtha crack for H1-Jan dips as higher Brent crude weighs on market
- Naphtha crack in Asia for H1-January was a four-session low of USD 79.7/ton.
- South Korea’s LG Chem emerged to buy naphtha from the spot market for H1-January delivery at a premium of USD 2/ton to Japan quotes on a C&F basis.
- LG Chem paid parity to a premium of USD 1/ton on Nov 2 for naphtha scheduled for H2-December delivery.

Paraxylene prices surge on downstream rally
- Asia PX prices jumped USD 22.67/ton CFR Taiwan/China and FOB Korea in the second week of November.
- US spot PX was up USD 15/ton FOB USG on the week.
- Europe PX prices rose USD 13/ton on the week while November contract price was fully settled which was up EUR 10 - 20/ton on the month.

Polymers Demand
China polypropylene/polyethylene demand shifts from recycle to virgin due to price, pollution curbs
- China’s demand for recycled polyolefin resin as a percentage of overall demand fell from an estimated 25 - 30% in 2014 to 15 - 20% in 2016.
- China imported more than 420,000 MT/month of recycled polyolefin in 2014, a third of which is PP and the remainder PE.

Polymers Supply
Unplanned outage reported at LLDPE plant of USI Corp
- USI Corporation has shut an LLDPE plant owing to a technical glitch on 21st November 2016.

Sasol increases polypropylene production capacity by 103,000 TPA
- Sasol has completed yet another major capital investment in South Africa as part of its dual-regional, multi-asset hub growth strategy in Southern Africa and North America.
- Sasol has unveiled the C3 Expansion Project, which enables the company to increase its PP production capacity by 103,000 MT per annum.

Belarus PVC imports drop 16.5% in Jan-Sept
- Imports of unmixed PVC into Belarus decreased to 18,500 MT in the first nine months of 2016, a fall of 16.5% year on year.
- Demand for PVC in Belarus decreased to 18,500 MT in January to September 2016.

Asia PVC may firm on low supply from China; upside limited
- Asia’s PVC prices are expected to firm in December on limited export volumes from China.
- Spot PVC prices were assessed at USD 920 - 940/MT CFR China.
- Spot PVC prices were assessed USD 930 - 940/MT CFR Southeast Asia.
- Spot PVC prices were assessed USD 965 - 1000/MT CFR India.

Courtesy: www.polymers.io

oil rig count

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