Friday, November 22, 2019
Energy, Petrochemicals and Plastics 39
1 Forget OPEC: China Now Moves The Oil Markets
https://oilprice.com/Energy/Oil-Prices/Forget-OPEC-China-Now-Moves-The-Oil-Markets.html
Not so long ago, oil prices would surge or plummet on just a whisper from OPEC, who at the time held all the supply cards. The mere hint that the world’s most powerful oil cartel was going to cut production could send oil prices up dramatically. Those days are over.
2 Oil Price Fundamental Daily Forecast – Trade Deal Confusion Takes Backseat to Renewed OPEC Output Cuts
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-trade-deal-confusion-takes-backseat-to-renewed-opec-output-cuts-614932
Unless there is a major break-through in the trade deal negotiations, good or bad, crude oil prices are likely to be largely supported by the news that OPEC and its allies likely to agree to maintain its production cuts when it meets on December 5-6.
3 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-ripe-for-near-term-short-covering-rally-with-2-696-first-target-614960
Natural gas futures are trading higher on Friday after the government reported a larger-than-expected drop in inventories to kick-off the withdrawal season on Thursday.
4 Weekly resin report: Relentless downward pressure on spot PE pricing continues
https://www.plasticstoday.com/resin-pricing/weekly-resin-report-relentless-downward-pressure-on-spot-pe-pricing-continues/117129832661898
Mid-November in the spot resin markets was characterized by aggressive discounting, as the vast majority of polyethylene (PE) and polypropylene (PP) grades lost $0.01/lb in a continuation of the downdraft in pricing. Completed volumes at the PlasticsExchange (Chicago) trading desk were above average last week, driven by better buying from PP processors, who enjoyed the savings, reports the resin clearinghouse in its weekly Market Update. PE buyers were more cautious, however, and again generally chose to procure minimum quantities, often just single truckloads.
5 H1 2019 western Europe olefins production down 7-8% year on year
https://www.icis.com/explore/resources/news/2019/11/19/10445778/h1-2019-western-europe-olefins-production-down-7-8-year-on-year
The production of ethylene, propylene and butadiene (BD) in western Europe was down 7-8% in the first half of 2019 compared with the same period in 2018, according to the latest figures from Petrochemicals Europe.
6 The IEA’s outlook to 2040: Ed Crooks’ Energy Pulse
https://www.woodmac.com/news/opinion/the-ieas-outlook-to-2040/
In this scenario, North America’s net exports of gas rise steeply from 16 billion cubic metres last year to 150 bcm in 2030, but then remain roughly flat until the end of that decade. The IEA thinks US gas production is likely to grow rapidly until the mid-2020s and then level off, in tandem with a similar plateau in oil production.
7 Global refiners raise cleaner shipping fuel output ahead of IMO 2020
https://www.reuters.com/article/us-global-oil-imo-factbox-idUSKBN1XU0RK
Global oil refiners have upgraded processing units and adjusted operations to raise output of low-sulphur residual fuels and marine gasoil (MGO) to prepare for stricter shipping fuel standards that kick in on Jan. 1, 2020.
8 New Petrochemicals Project Near Houston to Rely on Lower 48 NGL Feedstock
https://www.naturalgasintel.com/articles/120258-new-petrochemicals-project-near-houston-to-rely-on-lower-48-ngl-feedstock
Houston-based Next Wave Energy Partners LP on Wednesday sanctioned a 28,000 b/d capacity alkylate production facility near Houston that would be fueled by domestic natural gas liquids (NGL).
9 Saudi Arabia seals petrochemical investment deals worth more than $2bn
https://www.thenational.ae/business/saudi-arabia-seals-petrochemical-investment-deals-worth-more-than-2bn-1.940668
Saudi Arabia sealed more than $2 billion (Dh7.34bn) in investment deals with top global companies and local entities to boost the petrochemicals sector in the kingdom.
10 Dirt Cheap Gasoline Is Fueling Colombia’s Cocaine Cartels
https://oilprice.com/Energy/Energy-General/Dirt-Cheap-Gasoline-Is-Fueling-Colombias-Cocaine-Cartels.html
Every day, $3 million worth of fuel is smuggled into Colombia from various neighbors who can’t seem to keep their borders under control. Even worse, this is the gas that fuels the mighty cocaine industry.
11 Repsol introduces new LDPE grades for medical and pharmaceutical applications
https://www.plasticstoday.com/medical/repsol-introduces-new-ldpe-grades-medical-and-pharmaceutical-applications/211523924661910
New grades of low-density polyethylene (LDPE) for medical device and pharmaceutical packaging applications have been introduced by Repsol, a global energy and chemicals company headquartered in Madrid. It made the announcement at Compamed, a medical manufacturing trade show co-located with Medica this week in Düsseldorf, Germany.
12 Petrobras set to become world’s largest oil producer
https://www.rystadenergy.com/newsevents/news/press-releases/petrobras-set-to-become-worlds-largest-oil-producer/
Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.
13 Exxon Credit Rating Outlook Lowered by Moody’s
https://www.rigzone.com/news/wire/exxon_credit_rating_outlook_lowered_by_moodys-20-nov-2019-160385-article/
Exxon Mobil Corp. had the outlook on its top-notch debt rating lowered by Moody’s Investors Service Inc. to negative due to a “substantial” cash burn to fund growth.
14 Shippers Struggling to Get 2020-Compliant Fuel
https://www.rigzone.com/news/wire/shippers_struggling_to_get_2020compliant_fuel-19-nov-2019-160374-article/
Ships hauling everything from iron ore to coal and grains are struggling to obtain the fuels they need to test them in time for the start of sweeping environmental legislation that takes effect in six weeks’ time, a situation that could ultimately result in vessels having to temporarily halt trading.
15 Gulf of Mexico poised to continue record production
https://www.rystadenergy.com/newsevents/news/press-releases/gulf-of-mexico-poised-to-continue-record-production/
Despite massive cuts in investment the US Gulf of Mexico is set for another year of record oil production in 2020, according to Rystad Energy.
