Friday, July 26, 2019
Energy, Petrochemicals and Plastics 27
1 Oil on track for weekly gain as Iran tensions support
https://www.reuters.com/article/us-global-oil-idUSKCN1UL02Z
Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the U.S.-China trade war capped gains.
2 Oil Price Fundamental Daily Forecast – Strong GDP Data Could Ease Concerns Over Lower Demand
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-strong-gdp-data-could-ease-concerns-over-lower-demand-588926
Although speculative buyers continue to buy futures and options contracts in case there is a supply disruption in the Middle East, traders don’t really believe a military conflict is imminent.
3 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-low-demand-could-trigger-break-under-2-192-588917
From a technical perspective, the market will remain bearish as long as it stays below this week’s high at $2.305. A move through this level will change the main trend to up. Even before buyers get a shot at this top, buyers will have to overtake retracement level resistance at $2.253 and $2.296.
4 Global PE market faces ‘most formidable set of issues,’ PP keeps rolling
https://www.plasticsnews.com/news/global-pe-market-faces-most-formidable-set-issues-pp-keeps-rolling
The global polyethylene resin market might be facing more challenges than the polypropylene market is at least in the short term. “Global polyethylene is groping with the most formidable set of issues ever,” IHS Markit analyst Nick Vafiadis said at the Global Plastics Summit, June 4-6 in Houston.
5 PE at center of mixed resin pricing picture for June
https://www.plasticsnews.com/news/pe-center-mixed-resin-pricing-picture-june
North American prices for polyethylene resin led a chaotic market in June. A number of PE buyers in the region saw prices fall an average of 3 cents in June. Although the number of buyers seeing the drop was not as high as anticipated by market watchers, buyers who did not see the drop in June are expected to see it by the end of July.
6 Demand for recycled PET complicates market outlook, PS has ‘some options’
https://www.plasticsnews.com/news/demand-recycled-pet-complicates-market-outlook-ps-has-some-options
Global markets for PET bottle resin and polystyrene are keeping their heads above water in 2019. Virgin PET is facing challenges from sustainability-fueled demand for more recycled PET, IHS Markit analyst Tison Keel said at Global Plastics Summit 2019, June 4-6 in Houston.
7 Did Trump’s ‘Plan B’ For Iran Just Fail?
https://oilprice.com/Geopolitics/Middle-East/Did-Trumps-Plan-B-For-Iran-Just-Fail.html
The Trump administration’s plan to rally global naval powers to protect shipping lanes in the Persian Gulf is not progressing very well.
8 Mexico’s Very Risky Energy Bet
https://oilprice.com/Energy/Crude-Oil/Mexicos-Very-Risky-Energy-Bet.html
Mexico’s new government came into power with promises to turn around the country’s oil industry and boost production after, it said, the previous government failed. Despite these promises and the first decisive steps towards them, some analysts remain skeptical about the prospects of success.
9 Market braces for Mexico’s annual oil hedge, trading surges: sources
https://www.reuters.com/article/us-oil-markets-mexico-idUSKCN1UH0CX
The global oil derivatives market braces itself every year in late spring and summer for the hedge, the market’s largest and most secretive financial oil deal. This year, Mexico has faced several challenges in executing the hedge and timing has become a crucial factor.
10 Phillips 66 quarterly profit rises as it ships more crude
https://www.reuters.com/article/us-phillips-66-results-idUSKCN1UL1C0
U.S. refiner Phillips 66 reported a 4.3% rise in quarterly adjusted profit on Friday as it earned more by shipping crude through its pipelines, which more than offset a fall in refining margins.
11 Brazil’s Petrobras reports 3.8% growth in Q2 oil, gas output
https://www.reuters.com/article/us-petrobras-production-idUSKCN1UL17T
Brazil’s state oil firm Petroleo Brasileiro SA said on Friday total second-quarter oil and gas production was 2.633 million barrels per day of oil equivalent (BOE), up 3.8% from the previous quarter.
12 $5.6 billion petrochemical facility in the works for Prince George Prince George, Northern BC
https://ckpgtoday.ca/2019/07/24/5-6-billion-petrochemical-facility-in-the-works-for-prince-george/
West Coast Olefins of Calgary has purchased a 300-acre site in the BCR Industrial Area within the City of Prince George in preparation of a $5.6 billion petrochemical project at the site.
13 ExxonMobil announces new PE plant startup in Beaumont, Texas
https://www.spglobal.com/platts/en/market-insights/latest-news/petrochemicals/072419-exxonmobil-announces-new-pe-plant-startup-in-beaumont-texas
ExxonMobil on Wednesday announced the startup of a new 650,000 mt/year polyethylene plant at its Beaumont, Texas, refining and chemical complex, the latest in more than 13 million mt/year of new US PE capacity online, under construction or planned through 2028.
14 Valero Energy profit falls 32% on higher heavy crude prices
https://www.reuters.com/article/us-valero-energy-results-idUSKCN1UK1CX
Valero Energy Corp (VLO.N) reported a 32.2% fall in quarterly profit on Thursday, as the company struggled to find low-cost heavy crude, hurting its refining margins.
15 Total plans $5 billion in asset sales as second-quarter profit falls
https://www.reuters.com/article/us-total-results-idUSKCN1UK0KO
French energy giant Total (TOTF.PA) will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday.
16 Dow cuts capital budget by $500M amid global uncertainty
https://www.chron.com/business/energy/article/Dow-cuts-capital-budget-by-500M-amid-global-14129183.php
Dow Chemical will cut its capital expenditure budget by $500 million this year amid global uncertainty and a slowdown in buying, the chemical maker said Thursday. Dow, which has operations in the Houston area, said it plans to reduce its capital spending for this year to $2 billion from $2.5 billion.
17 Higher Production Helps Suncor Quarterly Profits Soar
https://oilprice.com/Latest-Energy-News/World-News/Higher-Production-Helps-Suncor-Quarterly-Profits-Soar.html
An increase in crude oil production and refining during the second quarter helped to boost Suncor’s operating profit for the period to US$950 million (C$1.253 billion) despite the negative effect of lower benchmark oil prices, the company said in its second-quarter financial report.
18 Major Setback For EVs Could Delay Peak Oil Demand
https://oilprice.com/Energy/Crude-Oil/Major-Setback-For-EVs-Could-Delay-Peak-Oil-Demand.html
Peak oil demand might be delayed as the U.S. and China scale back support for fuel efficiency and electric vehicles.
