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Oil trades below USD 53 as US crude stockpiles gain, dollar drops
Feb 3,2017 10:20CST
industry news
Oil traded below USD 53/bbl in New York.


ScrapMonster Contributor

SEATTLE (polymers.in):  Mexico’s Growth Slows as Oil Output Drop Outweighs Services
- Gross domestic product rose 0.6% from the previous three months.
- Mexico’s central bank is expected to raise its key interest rate a half point to 6.25% next week.

Trump’s Latest Executive Orders May Be Burdensome for Oil
- A separate order that would impose a border tariff on Mexican goods may hurt refineries that use imported crude.
- On Monday, energy companies led declines in the S&P 500 Index. 

Oil Trades Below USD 53 as US Crude Stockpiles Gain, Dollar Drops
- Oil traded below USD 53/bbl in New York.
- US crude inventories rose 5.83 million bbl.
- WTI for March delivery rose 18 cents or 0.3% to close at USD 52.81/bbl.
- Brent for March settlement climbed 47 cents to USD 55.70/bbl. 

Oil Revenue Surge Seen Cutting Kuwait Deficit: Investors’ Guide
- Kuwait expects oil revenue to surge more than 30% in the fiscal year that starts in April.
- 2017/18 budget based on oil price of USD 45/bbl.
- The budget deficit is seen at 7.9 billion dinars in 2017/18. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene expected to tighten, prices to strengthen amid expansion in US polyethylene capacities
- Dow Chemical is expecting ethylene supply to tighten and pricing to strengthen as US PE expansions come online in 2017.
- Almost an additional 4.2 million tea of North American PE capacity could be realized in 2017 should planned projects by several producers hit their respective target dates. 

Turkish Dec PX imports almost halve on month to 11,476 MT, up 5% on year
- Turkish imports of PX saw a sharp decrease in December to 11,476 MT.
- December inflows were up over 5% from the 10,891 MT recorded a year ago. 

Northeast Asia ethylene hits 10-month high
- Two deals were concluded at USD 1230/MT CFR NE Asia for cargoes to be delivered in the second half of February, versus offers at USD 1250/MT CFR NE Asia.
- China’s Fund Energy continued to operate its new MTO plant with a 70 - 80% of capacity since the week ended 13 January. 

Polymers Price
US Jan PP jumps 10 cents/lb. following feedstock PGP
- US PP contracts on Friday followed the feedstock again and settled up 10 cents/lb.
- Spot PGP traded in range averaging 40 cents/lb. in January, but February spot has traded as high as 51.75 cents/lb. in a railcar deal this week.

Polymers Demand
Dow sees ethylene/PE cycle plateau - not trough
- US based Dow Chemical sees the PE cycle flattening out in the coming years instead of falling into a deeper downturn.

Courtesy: www.polymers.io

Oil prices

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