Oil prices doubling is no solace for world’s biggest rig builder

Published: Feb 03, 2017 10:29 (GMT+8)

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Brent crude prices traded near USD 59/bbl earlier this month.

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in): Teapots' helped Russia beat Saudi Arabia as China's largest oil supplier
- Russian companies exported to China in 2016 stood at 1.05 million bbl.

India's HPL looks to ADNOC for crude oil supply to planned refinery
- Abu Dhabi National Oil Company for crude oil supply to its planned 300,000 bbl/day refinery in eastern city Kolkata.
- HPL is one of India’s largest petrochemical companies and runs a naphtha-based petrochemical complex at Haldia, with an ethylene production capacity of 700,000 MT/year.

Oil Prices Doubling Is No Solace for World’s Biggest Rig Builder
- Keppel shares fell 2.2% to USD 6.25.
- Brent crude prices traded near USD 59/bbl earlier this month.

Oil Supermajors' Debt From the Crude Collapse May Have Peaked
- BP Plc has said it plans to keep at least 75% of its cuts.
- Chevron is expected to return to profit from a loss a year earlier when it reports on 27th January.
- Exxon is likely to report a 5.8% income boost on January 31.
- Royal Dutch Shell Plc on February 2 will probably announce higher profit for the Q2 in a row.

Oil Declines in New York as US Crude and Fuel Supplies Gain
- Futures fell 0.8% in New York.
- Crude supplies rose 2.84 million bbl in the week ended January 20.
- WTI for March delivery dropped 43 cents or 0.8% to USD 52.75/bbl.
- Brent for March settlement declined 36 cents to USD 55.08/bbl.

India to fill Mangalore strategic reserve with UAE oil
- India has signed a deal with the UAE that allows the Gulf nation to fill half of an underground crude oil storage facility at Mangalore.
- UAE’s Abu Dhabi National Oil Co will store about 6 million bbl of oil at Mangalore.

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

Polymers Supply
Asia the main target for new PE capacities
- Asian PE markets were generally on a stable to firm price trend with a couple of fluctuations at certain periods.
- Sadara’s 1.1 MT/year of PE capacity had largely started up in Q4 2016.
- NOVA Chemicals said on 17 January that its approximately 450,000 MT/year LLDPE unit started up in December 2016.

Neste Jacobs NAPCON selected for Borealis PE2 plant distillation section
- Neste Jacobs was selected to optimize the recovery area of Borealis Borstar PE2 plants in Provo, Finland.

Courtesy: www.polymers.io

Oil prices

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