SEATTLE (polymers.in): On Monday, oil closed near $48 a barrel in New York after an OPEC committee failed to agree on Iranian and Iraqi production levels.
Oil prices were slightly higher on Thursday ahead of next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production.
U.S. crude oil stocks fell last week after three straight weeks of builds as imports dropped and refineries hiked output, while gasoline inventories rose sharply amid weak demand, U.S. Energy Information Administration data showed on Wednesday.
After an uncharacteristic 2016, a source with a major North American trading company said Monday he was hopeful the US polypropylene market will tighten in 2017.
According to The Plastics Exchange, market participants anticipate further erosion ahead, as offers for shipments two weeks out are cheaper than material for immediate shipment.
A Taiwanese major approached the PVC markets across Asia early this week with price hikes, which came as no surprise to many players as tight conditions have been supporting PVC prices since early July this year. However, PVC players in different parts of the region reacted differently to the December hikes of the producer.
Despite firmer upstream naphtha and propylene values, PP prices slipped in Asia this week. The price fall was triggered by fast fading buying interest across the Asian region.
Despite firmer upstream crude and naphtha values, HDPE prices down adjusted in Asia this week. Prices dipped as regional buying trends softened. The buying mood was also sluggish in major markets like China.
December polypropylene PP offers to Pakistan declined again this week amid weak response to previously announced prices, market sources said on Thursday.
Despite tight regional product avails, EDC prices were assessed stable this week in Asia.
Asian propylene prices firmed mainly on account of bullish upstream crude and naphtha rates. Reports of limited product availability further supported the price rise.
MEGlobal will increase its North American benchmark for monoethylene glycol by 2 cents/lb ($44/mt) to 40 cents/lb ($882/mt) for December, market sources said Friday. The increase will mark the third consecutive for the company.
A Polymerupdate source in South Korea informed that the plant is planned to be shut in December 2016. It is expected to remain shut for a period of around one week.
Oman Oil Refineries and Petroleum Industries (Orpic) is likely to restart its polypropylene (PP) plant in Sohar.
A Polymerupdate source in Taiwan informed that the company has taken an emergency shutdown at the plant on November 21, 2016.