Oil falls near USD 45 as skepticism grows over OPEC production deal

By Polymers

SEATTLE (polymers.in):  WTI crude oil futures dropped by 1.77% to as low as USD 47.13/bbl in New York. 

Oil Falls Near $45 as Skepticism Grows Over OPEC Production Deal
- Futures gained 2.2% in New York.
- WTI for January delivery rose USD 1.02 to settle at USD 47.08/bbl.
- Brent for January settlement advanced USD 1 to end the session at USD 48.24/bbl. 

Oil Slump Sinks Asian Stocks Before OPEC as Yen Takes on Dollar
- The S&P 500 Index lost 0.5% to 2,201.75.
- The Russell 2000 Index snapped a 15 day surge.
- Herzfeld Caribbean Basin Fund jumped as much as 17%.
- The Stoxx Europe 600 Index slid 0.8%. 

Low Oil Prices Create a $1 Billion Business Killing Aging Fields
- Sinopec Oilfield Service Corp., Keppel Corp. Ltd. and others will have a chance to fight for  USD 1 billion a year.
- The Bloomberg World Oil and Gas Services Index has dropped 40% since the summer of 2014, compared with a 12% gain in the S&P 500.
- Brent futures traded 21 cents lower at USD 47.03/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
EDC prices remain steady while VCM prices gain in parts of Asia
- CFR Far East Asia prices of EDC were assessed at USD 275/MT levels.
- Feedstock ethylene prices on Thursday were lower at USD 1005/MT CFR North East Asia.
- VCM prices were assessed up at USD 805/MT CFR Far East Asia levels.
- CFR South East Asia prices of EDC were assessed at USD 280/MT levels.
- CFR South East Asia prices of ethylene were at USD 925/MT levels, a week on week decline of USD 15/MT.
- CFR South East Asia prices of VCM were assessed steady from last week at USD 835/MT levels. 

European monoethylene glycol prices rise on exports to Asia: sources
- MEG FCA NWE was pegged at EUR 640/MT this week, compared to last Friday’s assessment of EUR 620/MT.
- Asian prices were assessed Thursday at USD 731/MT CFR China, up from last week’s assessment of USD 725/MT CFR China.

Polymers Price
WTI oil falls, Brent Crude rises. European and US polymers static, Asian mixed
- WTI oil fell over the week to 25th November to USD 46/bbl.
- Brent crude rose to USD 47.12 an increase of 0.7%.
- Since the start of November the Pound has risen by 6% against the EUR and 1.8% against the Dollar.
- Asia polymer prices were mixed with increases of between USD 10 and 30/MT.

Polymers Demand
The Denial Simply Has To Stop
- The advent of the US shale gas revolution, high oil prices, a booming China and very cheap financing made major investments in US PE capacity seem like a no brainer. 

Trump And Other Political Risks: No Room For Complacency
- An analysis by the pro-trade Peterson Institute for International Economics concluded that a full-blown trade war with China and Mexico would push unemployed in the US to nearly 9% in 2020, from 4.9% today.
- Africa and Latin America need to bridge big gaps in the provision of basic needs such as food, water, sanitation and infrastructure.
- China is willing to spend many billions of dollars in these areas via the OBOR.

Polymers Supply
PP plant to be brought on-stream by ORPIC
- Oman Oil Refineries and Petroleum Industries is likely to restart its PP plant in Sohar by the end of November 2016.

Courtesy: www.polymers.io