Friday, November 1, 2019
Energy, Petrochemicals and Plastics 36
1 Economic Uncertainty Leaves Oil Markets Paralyzed
https://oilprice.com/Energy/Oil-Prices/Economic-Uncertainty-Leaves-Oil-Markets-Paralyzed.html
The Federal Reserve cut interest rates again this week, but signaled that it may be done cutting for the time being. It was the third interest rate cut this year, which marked an about-face after successive increases over the previous few years. The central bank was forced into monetary easing after the global economy showed signs of slowing down, made worse by the U.S.-China trade war.
2 Weekly resin report: Processors begin preparations for reduced year-end inventories
https://www.plasticstoday.com/resin-pricing/weekly-resin-report-processors-begin-preparations-reduced-year-end-inventories/180904835961780
Domestic demand in the spot resin trading market slowed last week, as asking prices for fresh offers ratcheted higher, but strong exports again brought completed volumes to solid levels, reports the PlasticsExchange (Chicago) in its Market Update. Some special discounts for commodity grades in the domestic market—suppliers still had railcars requiring disposition before the end of the month—helped move some material, but notwithstanding one-off deals, overall pricing for both polyethylene (PE) and polypropylene (PP) balanced out steady.
3 U.S. oil output soars to record 12.4 million bpd in August: EIA
https://www.reuters.com/article/us-usa-oil-output-idUSKBN1XA2A6
U.S. crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, according to government data released on Thursday.
4 Asian coal demand to drive exports from North America’s West Coast
https://blogs.platts.com/2019/10/31/asian-coal-demand-exports-from-north-america/
Coal demand is declining in the US and Europe, but coal remains the world’s most dominant fuel for power generation. Despite what you may read, the global market for thermal coal continues to gain steam, particularly as Asia builds new coal-fired power plants to charge its growing economies.
5 Oil Set for Biggest Weekly Loss in a Month
https://www.rigzone.com/news/wire/oil_set_for_biggest_weekly_loss_in_a_month-01-nov-2019-160213-article/
Oil headed for its biggest weekly loss in a month as swelling American stockpiles and renewed doubts over a long-term trade deal between the U.S. and China suggested supply will keep outpacing demand.
6 Oil Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-weak-job-pmi-data-could-send-prices-higher-609933
Weak data could pressure crude oil prices because this would highlight the expected drop in future demand. U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading mixed shortly before the regular session opening on Friday.
7 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-bearish-reversal-top-could-trigger-break-to-2-563-2-522-609929
Natural gas futures are trading slightly lower early Friday after posting a dramatic technical closing price reversal top on Thursday. If the chart pattern is confirmed later in the session the market could pullback another $0.06 to $0.10 over the near-term. The catalysts behind the price action was a bearish government storage report and a weak cash market.
8 Exxon Mobil beats 3rd-quarter expectations, but hurt by lower oil prices
https://www.cbc.ca/news/business/exxon-mobil-q3-1.5342268
Exxon Mobil Corp’s third-quarter profit nearly halved, hit by lower oil prices and weaker margins in refining and chemicals, with its three major business reporting lower year-over-year profit. Earnings fell to $3.17 billion US, or 75 cents per share, in the quarter, from $6.24 billion, or $1.46 per share, a year earlier, the company reported on Friday.
9 Brazil’s $50 Billion Oil Boom Is Falling Apart
https://oilprice.com/Latest-Energy-News/World-News/Brazils-50-Billion-Oil-Boom-Is-Falling-Apart.html
Exxon may not be interested in stepping up to the bidding plate at Brazil’s massive $50 billion transfer of rights auction next week, because the oilfields up for grabs come with a hefty price tag, Exxon’s president of exploration, Stephen Greenlee said in an interview with Bloomberg.
10 Encana declaring itself American is a gut punch for Alberta
https://www.cbc.ca/news/business/encana-suttles-oilpatch-alberta-houston-denver-1.5342935
The most historic energy company in Canada decided on Thursday to fill out some forms and declare itself American. That change is an exceptionally bitter pill to swallow for the beleaguered oilpatch in Western Canada.
11 Novatek publishes its latest results
https://www.lngindustry.com/liquid-natural-gas/31102019/novatek-publishes-its-latest-results/
Pao Novatek has released its consolidated interim condensed financial statements as of and for the three and nine months ended 30 September 2019, prepared in accordance with International Financial Reporting Standards (IFRS).
12 Total has declared its 3Q19 results
https://www.lngindustry.com/liquid-natural-gas/31102019/total-has-declared-its-3q19-results/
Total’s Board of Directors met on 29 October 2019, to approve the Group’s 3Q19 financial statements.
13 Another Oil Major Beats Expectations Despite Poor Profits
https://oilprice.com/Latest-Energy-News/World-News/Another-Oil-Major-Beats-Expectations-Despite-Poor-Profits.html
Shell became the latest Big Oil major to report weaker third-quarter profits as low crude oil and gas prices dented its net result. However, the Anglo-Dutch company managed to beat analyst expectations on the back of strong income from oil and LNG trading.
14 Big Oil, investors face returns reckoning amid darkening economy
https://www.reuters.com/article/us-oil-dividends-idUSKBN1XA1T7
Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn.
