SEATTLE (polymers.in): The dollar is starting to act like an oil currency
- The relationship between the US dollar and crude oil has changed again.
- The USD has started to trade like an oil currency shifting away from a previous relationship seeing the USD and oil in an inverse relationship.
- Oil prices have been unable to rally far above USD 50/bbl amid signs that American output and inventories remain high.
Oil tumbles after Saudi Arabia says it increased production
- WTI crude was down by 2% at USD 47.43/bbl.
- Brent crude oil, was down by 1.7% at USD 50.48/bbl.
Falling Oil prices could upend the OPEC deal
- Price of oil fell 8% and dipped below USD 50 for the first time since December.
Asia Stocks Set to Follow US Down as Oil Swings: Markets Wrap
- Oil jumped above USD 48/bbl as a reported decline in US crude stockpiles countered a boost in output from Saudi Arabia.
Oil at USD 40 No Problem as US Drillers Snub OPEC With Hedges
- American oil explorers are shrugging off the 14% slide in prices this year from a high of USD 55.24 to less than USD 48/bbl.
- WTI settled at USD 47.72 Tuesday.
- Futures lost 9.7% of their value in the past week alone.
Libya Crude Oil Output Falls 13% After Field, Port Closings
- Libya’s crude output dropped 13%.
- Output is down to 602,900 bbl/day, Jadalla Alaokali said.
- Waha Oil has a capacity of more than 300,000 bbl/day.
Dollar Gains, Stocks Slip Before Fed as Oil Slumps
- US stocks slumped as crude tumbled past USD 48/bbl.
- Oil slid more than 1.4%, while the S&P 500 Index headed for its worst loss in two weeks.
- US trading 16% lower than the 30 day average.
- Brent crude oil USD 51.41
- Propylene USD 940 CFR China
- Ethylene USD 1095 CFR SEA
- Naphtha USD 455 CFR Japan
- Styrene USD 1300 CFR China
PP prices in Southeast Asia fell
- Some suppliers were willing to offer small discounts of around USD 10 - 20/MT in order to get rid of the rains of the March cargo.
- Spot offers for tax-free PP for the production of yarns and fibers were USD 1150/MT CFR.
Spot prices of LDPE in Europe rose
- Europe LDPE prices is at EUR 1300/MT.
- Transactions were made at the level of EUUR 1370/ton, but initiatives at the level of EUR 1400/ton.
US Chevron Phillips declares FM on PE
- US Chevron Phillips Chemical declared force majeure on PE, following a power outage at a unit in Orange, Texas.
- The unit has a capacity of 440,000 MT/year of HPDE.