Friday, September 6, 2019
Energy, Petrochemicals and Plastics 28
1 Three Essential Factors For Oil Prices In 2020
https://oilprice.com/Energy/Oil-Prices/Three-Essential-Factors-For-Oil-Prices-In-2020.html
In a market update, Bjørnar Tonhaugen, head of oil market research at Rystad Energy, argues that a balanced oil market in 2020 is contingent on these pillars:
- No global recession
- Continued OPEC production cuts
- The effect of new IMO 2020 regulations
2 Crude Oil Price Update – Strengthens Over $55.72, Weakens Under $55.30
https://www.fxempire.com/forecasts/article/crude-oil-price-update-strengthens-over-55-72-weakens-under-55-30-598606
Based on the earlier price action, the direction of the October WTI crude oil futures contract the rest of the session on Friday is likely to be determined by trader reaction to the short-term 50% level at $55.30.
3 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-trade-through-2-388-could-signal-end-of-short-squeeze-598630
Given Thursday’s technical higher-high, lower-close, or closing price reversal top, we may have seen the top, but we can’t be sure until the chart pattern is confirmed. Natural gas futures are trading slightly lower on Friday shortly after the regular session opening. The market is trading inside yesterday’s wide range, which suggests investor indecision and impending volatility.
4 European Gas Prices Plunge To 10-Year Low
https://oilprice.com/Energy/Energy-General/European-Gas-Prices-Plunge-To-10-Year-Low.html
Natural gas prices in Europe are set to drop even lower than the current ten-year lows this fall. Storage facilities across the continent are fuller than usual for this time of the year. Natural gas suppliers are not expected to curb deliveries despite the low prices, abundant supply, and tepid demand. The winter heating season in October is set to begin with temperatures around or above seasonal norms, early forecasts suggest.
5 Generally Flat Pricing Projected for Volume Resins Heading into 4th Quarter
https://www.ptonline.com/blog/post/generally-flat-pricing-projected-for-volume-resins-heading-into-4th-quarter
As we approach the start of fourth quarter, it appears that prices of nearly all volume resins eroded in various degrees through most of the third quarter. Major drivers include supply outstripping demand, a slowdown in some key markets such as automotive and construction, lower GDP, slowed global demand, and tariff-related issues.
6 Weekly resin report: Processors tap into spot polyethylene market for substantial savings
https://www.plasticstoday.com/resin-pricing/weekly-resin-report-processors-tap-spot-polyethylene-market-substantial-savings/162994076161463
Spot resin trading slowed just a touch but remained lively heading into the long Labor Day weekend, reports the PlasticsExchange (Chicago) in its Market Update. Commodity resin prices were mixed, as August, the best month of the year so far for the resin clearinghouse, came to a close
7 Six EU Petrochemical Companies Form Consortium To Investigate Operating Naphtha/Steam Crackers Using Renewable Electricity
http://www.plastemart.com/news-plastics-information/Six-EU-petrochemical-companies-form-consortium-to-investigate-operating-naphthasteam-crackers-using-renewable-electricity/52770
Six petrochemical companies in Flanders, Belgium, North Rhine-Westphalia, Germany, and the Netherlands (Trilateral Region) have announced the creation of a consortium to jointly investigate how naphtha or gas steam crackers could be operated using renewable electricity instead of fossil fuels.
8 U.S. shale firms cut budgets, staff as oil-price outlook dims
https://www.reuters.com/article/us-usa-oil-slump-idUSKCN1VR15P
Oil producers and their suppliers are cutting budgets, staffs and production goals amid a growing consensus of forecasts that oil and gas prices will stay low for several years.
9 ‘Most renewable energy companies’ linked with claims of abuses in mines
https://www.theguardian.com/global-development/2019/sep/05/most-renewable-energy-companies-claims-mines
Most of the world’s top companies extracting key minerals for electric vehicles, solar panels and wind turbines have been linked with human rights abuses in their mines, research has found.
10 BP aims to sell more U.S. crude to Asia, boost LNG supplies in early 2020s
https://www.reuters.com/article/us-asia-oil-gas-bp-idUSKCN1VR0W0
Oil major BP (BP.L) plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region.
11 Exclusive: Exxon agrees $4 billion sale of Norway oil and gas assets
https://www.reuters.com/article/us-exxon-mobil-m-a-norway-exclusive-idUSKCN1VQ23W
Exxon Mobil (XOM.N) has agreed to sell its Norwegian oil and gas assets for up to $4 billion, marking the U.S. firm’s exit from production in the country after more than a century, three sources familiar with the matter said on Thursday.
12 European recycled plastics market set for 5% growth
https://www.plasticsnews.com/news/european-recycled-plastics-market-set-5-growth
Concerns over the environmental impact of virgin plastics as well as cost and energy savings are driving demand for recycled plastics in Europe, according to a recently published report by the Dublin-based market research platform, Research and Markets.
