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These oil states entered recession while rest of US recovered

Industry News 01:36PM Mar 14, 2017 Source:scrapmonster

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ScrapMonster Contributor

SEATTLE (polymers.in):  Libya crude oil output said to fall 11% on field closings
- Libya’s crude output fell by about 80,000 bbl/day to 620,000 bbl since fighting among armed groups broke out on March 3.
- Waha Oil has a capacity of more than 300,000 bbl/day. 

Argentina's Pampetrol restarts oil field after exit of private operator
- Pampetrol has brought back into production a formerly privately operated block, with an eye to boosting output.
- According to La Pampa government these were the first of 10 existing wells that Pampetrol will gradually put back into operation on the block in south-central province.
- La Pampa produces 3.8% of the country’s 511,000 bbl/day of crude and 0.8% of its 123 million cubic m/day. 

These Oil States Entered Recession While Rest of US Recovered
- As economists ponder what’s behind the slowest US economic recovery since World War II.
- S&P and Brown said were in recession represent 4.4% of US GDP. Oil Below $49 as Rise in US Drilling Threatens OPEC's Efforts
- Futures slipped 0.2% in New York after fluctuating between slight gains and losses during the session.
- US crude inventories probably rose by 3 million bbl last week.
- Oil broke below the USD 50/bbl level last week that it had held above since the OPEC and 11 other nations started trimming supply on January 1.
- WTI for April delivery fell by 9 cents to settle at USD 48.40/bbl.
- Brent for May settlement declined 2 cents to end the session at USD 51.35/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Asia ethylene margins fall on mix of spot, feeds
- In Northeast Asia, naphtha based ethylene margins fell 9.3% to USD 991/MT and LPG-based ethylene margins fell by 21% to USD 688/MT.
- In Southeast Asia, naphtha-based ethylene margins fell by 4.7% to USD 946/MT. 

US ethane-based contract PE margins decline on higher feedstock costs
- US integrated contract margins based on ethane fell by 0.2% for LDPE and for HDPE.
- Ethane costs rose by 1.7% while contract coproduction values were up by 2.2%.
- US integrated LDPE and HDPE spot margins based on ethane were down by 0.2% and 1.5%. 

Asia ethylene margins fall on mix of spot, feeds
- In Northeast Asia, naphtha-based ethylene margins fell 9.3% to USD 991/MT and LPG based ethylene margins fell by 21% to USD 688/MT.
- In Southeast Asia, naphtha based ethylene margins fell by 4.7% to USD 946/MT, and LPG based ethylene margins fell by 18% to UDSD 595/MT. 

US ethane-based contract PE margins decline on higher feedstock costs
- US integrated contract margins based on ethane fell by 0.2% for LDPE and HDPE.
- US integrated LDPE and HDPE spot margins based on ethane were down by 0.2% and 1.5%.

Polymers Supply
PVC production in Russia increases by 6% in first two months of 2017
- Production of unmixed PVC in Russia increased to 152,100 MT in the first two months of this year.
- Overall PVC production reached 152,100 MT.
- RusVinyl’s total PVC production exceeded 50,600 MT in the first two months of 2017. 

Belarus’ LDPE production declines by 53% in first two months of 2017
- Belarus’ overall output of LDPE totaled 10,500 MT in the first two months of 2017.
- Polymir’s total LDPE production was 10,500 MT in January - February 2017. 

Sinopec Guangzhou took-off stream PP plant in China
- Sinopec Guangzhou has shut its PP plant for maintenance turnaround.
- Sinopec is located in Guangzhou, China, the plant has a production capacity of 200,000 MT/year.

Courtesy: www.polymers.io

Key Words:  Oil prices