Metals News
Oil investment trio hunts for bargains after crude crash
industry news
Mar 23,2017


ScrapMonster Contributor

SEATTLE (  Oil, Natural Gas, Coal
GOLDMAN: OPEC's oil production cuts were smart but they're having unintended consequences
- OPEC made a smart move to limit production, but the move has had some unforeseen effects.
- Brent crude is at USD 5.50/bbl above the spot price. 

Far East Russian crude oil premiums hit record lows as EFS, margins take toll
- Sakhalin Energy could have sold a total of five 730,000 bbl cargoes of light sweet Sakhalin Blend crude for loading in the second half of May. 
- ESPO Blend crude was assessed at a premium of USD 1.80/bbl to Dubai. 

Oil Investment Trio Hunts for Bargains After Crude Crash
- WTI rose 9 cents to USD 48.31.
- A trio of Houston based private equity funds is sifting through the oil industry with a view to potentially reaching USD 4 billion of investments. 

Chevron's USD 1 Billion Sale of China Oil Fields Stalls
- Chevron’s Corp’s sale of its stakes in Chinese offshore oil fields operated by state-owned CNOOC Ltd.
- Chevron had aimed to sell the assets for as much as USD 1 billion.
- Chevron owns a 24.5% working interest in the QHD 32-6 field. 

Oil Closes at Lowest Since November as US Supply Seen Rising
- Futures dropped 1.8% in New York.
- WTI for April delivery dropped 88 cents to USD 47.34/bbl.
- Brent for May settlement declined 66 cents to USD 50.96/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Asian ethylene prices slip on Monday
- CFR North East Asia prices of ethylene were assessed lower at USD 1145/MT levels, a fall of USD 15/MT from last Friday’s assessed levels.
- CFR South East Asia prices of ethylene were down at USD 1050/MT levels, a decline of USD 15/MT from last Friday.

Polymers Supply
Merak LLDPE plant brought on-stream by Lotte Titan
- PT Lotte Titan Nusantara Indonesia has recently restarted its LLDPE plant following an unplanned outage. 

Europe naphtha cracker margins slip, LPG margins rise
- Euro-dominated naphtha costs were flat but a 2% decline in contract and spot co-products credits saw contract cracker margins fall by 2% and spot margins by 4%. 

Russia’s HDPE output down 5% in January-February
- Production of HDPE in Russia decreased to 154,900 MT in the first two months of the year.
- February HDPE production in Russia stood at 70,400 MT, while in January it was about 84,500 MT. 

Russia’s PP output decreases 2% in January-February
- Production of PP in Russia decreased to 234,300 MT in first two months of this year, down 2% year on year.
- February PP production in the country decreased to 108,700 MT.


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