Oil falls for third day as US inventories hit record high

Published: Mar 6, 2017 10:13

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Crude oil prices displayed a mixed undertone on Monday on the back of high fulfillment to the OPEC production cut.

By Polymers

ScrapMonster Contributor

SEATTLE (polymers.in): Crude oil prices end mixed on Monday
- Crude oil prices displayed a mixed undertone on Monday on the back of high fulfillment to the OPEC production cut on the one hand and on rising US crude output on the other.
- WTI crude oil for April, climbed 0.11% to settle at USD 54.05/bbl.
- Dated Brent for April dropped 0.11% to USD 55.93/bbl.

Oil falls for third day as U.S. inventories hit record high
- WTI futures slipped 12 cents or 0.2% to USD 53.71/bbl.
- Brent crude futures gave up 3 cents to USD 56.33.

Oil Falls to Three-Week Low as Record U.S. Supply Outweighs OPEC
- Futures declined 2.3% in New York.
- US stockpiles expanded to 520.2 million bbl.
- WTI for April delivery dropped USD 1.22 to USD 52.61/bbl.
- US crude stockpiles rose 1.5 million bbl last week.

China to issue non-state crude oil import licenses to 5 refiners
- China will issue non-state crude oil import licenses to five refiners, including China National Chemical Corp and four independent refiners.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Propylene prices slip in Asia on Monday
- FOB Korea prices of propylene were assessed down at USD 950/MT levels, a tumble of USD 30/MT from last Friday’s assessed levels.
- CFR China prices were lower at USD 990/MT levels, a fall of USD 20/MT on the day.

US Feb ethylene contracts settle up 2.25 cents/lb.
- US ethylene contracts for February have settled for most participants at an increase of 2.25 cents/lb.
- February ethylene contracts have settled at 35.75 cents/lb. up from 33.50 cents/lb. in January.
- Spot prices for front-month ethylene have traded in February at 28.50 - 38 cents/lb.

Polymers Price
Low density polyethylene (LDPE) prices firm up in parts of South Asia
- Sri Lanka, prices of LDPE were assessed up at USD 1280/MT CFR levels, a sharp week on week increase of USD 30/MT.
- In Bangladesh, prices were assessed higher at USD 1300/MT CFR levels, a gain of USD of 30/MT on the week.

Polypropylene (PP) prices witness a rise in Asia
- CFR Far East Asia prices of PP raffia and PP injection were assessed up at USD 1030/MT levels, a rise of USD 15/MT on the week. PP film prices were assessed higher at USD 1050/MT levels, while BOPP prices were also assessed at USD 1050/MT levels, both up USD 15/MT from the previous week.PP block copolymer prices were assessed higher at USD 1100/MT levels.
- In South East Asia, PP raffia and PP injection prices were assessed up at USD 1080/MT CFR levels, a week on week rise of USD 20/MT. PP film prices were assessed at USD 1100/MT levels, while BOPP prices were also at USD 1100/MT levels, both up USD 20/MT from the previous week. PP block copolymer prices were assessed higher at USD 1130/MT CFR levels, a week on week rise of USD 15/MT.
- In India, PP raffia and PP injection prices were assessed up at USD 1070/MT CFR levels, a rise of USD 10/MT on the week. PP film prices were assessed at USD 1090/MT CFR levels while BOPP prices were also at USD 1090/MT CFR levels, both up USD 10/MT from the previous week. Pp block copolymer prices were higher at USD 1130/MT CFR levels, a week on week increase of USD 10/MT.

PE, PP, PVC prices on the rise
- Prices for all grades of PE are up an average of 5 cents per pound, while PP prices have climbed 6.5 cents and PVC prices have increased 4 cents.
- North American PP prices jumped 6.5 cents in February, following an increase for PGP feedstock.

Russian PVC prices up by Rb2,000/MT in March
- Russian PVC producers have firmly insisted on the price rise form the beginning of the year and expectedly announced an increase of Rb 500 - 2,000/MT for March delivery.

Polymers Supply
LDPE plant likely to be shut by Jilin Petrochemical
- Jilin Petrochemical is in plans to take a LDPE plant off-stream for a maintenance turnaround and is expected to remain shut for around fifteen days.
- Jilin is located in Jilin, China and has a production capacity of 275,000 MT/year.

LDPE plant to be shut for maintenance by PTTGC
- PTTGC is likely to be taken off-stream its LDPE plant in March 22 and is likely to remain shut for around 2 weeks.
- PTTGC is located at Map Ta Phut, in Thailand and has a production capacity of 300,000 MT/year.

Courtesy: www.polymers.io

Oil prices

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