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Russian Ruble plunges as oil tumbles below USD 50

Industry News 10:16AM Mar 14, 2017 Source:scrapmonster

By 

ScrapMonster Contributor

SEATTLE (polymers.in):  The Russian ruble is plunging as oil tumbles below USD 50
- The Russian ruble is plunging on Thursday.
- Brent crude oil is down by 2.0% at USD 52.02/bbl.
- WTI crude oil has fallen below the USD 50 mark, it is down by 2.3% at USD 49.15/bbl.
- US dollar index is little changed at 102.11.
- The EUR is up by 0.2% at 1.0559 against dollar after the European Central Bank left monetary policy on hold at its March meeting. 

OPEC's Houston Huddle Deepens Oil Cuts Dilemma
- OPEC ministers met with partners and rivals in Houston this week at they try to figure out whether to prolong production cuts.
- WTI crude was 1.7% lower at USD 49.42.

Polymers Price
Linear low density polyethylene prices edge higher in South Asia
- In India, prices of LLDPE were assessed higher at USD 1250/MT CFR levels, a week on week rise of USD 10/MT.
- In India, a UAE producer has concluded several deals for LLDPE film grade at USD 1250/MT levels, for March 2017 shipments.
- CFR Far East Asia prices of LLDPE were assessed steady at USD 1140/MT levels.
- CFR South East Asia prices were assessed unchanged at USD 1210/MT levels. 

March Europe PP prices for CIS markets rise
- The export price for PP from Europe producers to CIS countries was agreed up EUR 70/MT in most cases, above the EUR 50/MT rise for propylene this month.
- The March contract price of propylene in Europe was agreed EUR 50/MT higher from February. 

March prices of European PP rose by EUR70/tonne for CIS markets
- March contract price of propylene in Europe was agreed by EUR 50/MT higher from February.
- Export PP prices for March shipments up by EUR 70/MT.

Avangard to invest USD 10 million in LDPE film recycling plant
- Avangard is spending USD 10 million on a new LDPE film recycling plant.
- Avangard expects the new 35,000 square foot plant, which is located in Houston, Texas. 

Polymers Supply
Reliance Industries to start up new PE plants in India
- RIL eyes to start commercial operations at its new PE plants in Q2 2017. 
- The new PE production capacities will comprise of HDPE/LLDPE swing plant with a production capacity of 550,000 MT/year and LDPE plant with a production capacity of 400,000 MT/year.

Courtesy: www.polymers.io

Key Words:  Oil prices