Friday, May 24, 2019
Energy, Petrochemicals and Plastics 18
1 Oil rises towards $69 but set for 2019’s biggest weekly loss
https://www.reuters.com/article/us-global-oil-idUSKCN1SU01P
Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns about an economic slowdown.
2 How Trump and Xi Killed the Oil Rally
https://oilprice.com/Energy/Energy-General/How-Trump-And-Xi-Killed-The-Oil-Rally.html
WTI fell below $60 per barrel for the first time in two months, dragged down by growing fears of a global economic slowdown.
3 Oil Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-pressured-by-rising-u-s-stockpiles-concerns-over-slowing-economy-576228
With both WTI and Brent crude oil on the weak side of the 200-day moving average at $60.63 and $68.61 respectively, we expect rallies to be short-lived until enough buyers return to drive prices over this technical level.
4 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-models-showing-some-heat-for-first-week-of-june-576237
The daily chart shows buyers are going to have a hard time initiating a rally due to a series of potential resistance levels at $2.609, $2.619, $2.632 and $2.641. Based on the current set-up, we’re likely to see a range-bound trade until a prolonged period of heat is identified by the weather forecasts.
5 U.S. Energy Storage Capacity Set To Double This Year
https://oilprice.com/Energy/Energy-General/US-Energy-Storage-Capacity-Set-To-Double-This-Year.html
U.S. grid-connected energy storage capacity this year is set for a twofold increase to 712 MW from 376 MW last year. What’s more, between 2019 and 2024, storage capacity will soar to almost 5 GW, of which 90 percent will be battery storage, IHS Markit said in a new report.
6 Paying some piddling carbon tax will do nothing to defend us from what lies ahead
https://www.cbc.ca/news/opinion/carbon-tax-debate-1.5143916
Sometime this summer, once Prime Minister Justin Trudeau calls the next election, our political leaders will try hard to lead us, like a herd of confused cattle, into a stupid fight and the wrong conversation. Conservative leaders intend to make Trudeau’s carbon tax the big issue.
7 Asia oil refiners mull run cuts with margins at 16-year low for season
https://www.reuters.com/article/us-asia-oil-idUSKCN1ST0QM
Asia’s oil refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data.
8 Aramco Starts Fuel Trading From U.A.E. With Ex-BP, Pemex Hires
https://ca.finance.yahoo.com/commodities/
Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.
9 Shell Appomattox Project: Ahead Of Time And Under Budget
https://www.forbes.com/sites/davidblackmon/2019/05/24/shell-appomattox-project-ahead-of-time-and-under-budget/
It is no secret that costs of finding and producing oil and gas in North America have dropped dramatically in recent years. Much of this is thanks to improvements in processes and efficiencies within upstream companies; producers have leaned on service providers to reduce billing rates; smarter drilling and hydraulic fracturing programs have played a big role; and of course, the adoption of new, smarter technologies has also been a major key.
10 Weekly resin report: Some processors bank on PE supply surge that will send resin prices lower
https://www.plasticstoday.com/resin-pricing/weekly-resin-report-some-processors-bank-on-pe-supply-surge-will-send-resin-prices-lower/44010771360835
So, how busy were the spot resin markets last week? Well, at mid-month, resin trading was nearly double the historic average, reports the PlasticsExchange (Chicago) in its Market Update. Polypropylene (PP) prices inched up another cent while polyethylene (PE) prices held firm, having consolidated recent gains at slightly elevated recovery levels.
11 Materials:: Two Performance PE Film Grades for Quality Flexible Packaging Debut at Chinaplas
https://www.ptonline.com/products/materials-two-performance-pe-film-grades-for-quality-flexible-packaging-debut-at-chinaplas-2019
Houston-based ExxonMobil has introduced two new performance PE polymers for high-quality flexible packaging which were highlighted at Chinaplas 2019. Both mark the latest addition to the company’s Exceed family of metallocene hexene LLDPE film resins.
12 This Under 30 Startup Just Raised Another $32 Million To Manufacture Chemicals With Bacteria
https://www.forbes.com/sites/alexknapp/2019/05/22/this-under-30-startup-just-raised-another-32-million-to-manufacture-chemicals-with-bacteria/
Houston, Texas-based chemical manufacturing startup Solugen, which was cofounded by Forbes Under 30 alumni Gaurab Chakrabarti and Sean Hunt, announced Wednesday that it has raised a $32 million series B round, which the company will use to expand its manufacturing facilities.
