Friday, September 13, 2019
Energy, Petrochemicals and Plastics 29
1 Growth in service industry set to take a hit
https://www.rystadenergy.com/newsevents/news/press-releases/growth-in-service-industry-set-to-take-a-hit/
Lower oil prices will push the global service market into a recession in 2020 after three successive years of growth, according to Rystad Energy. In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year.
2 Oil Demand Growth Weakest In Nearly A Decade
https://oilprice.com/Energy/Energy-General/Oil-Demand-Growth-Weakest-In-Nearly-A-Decade.html
The U.S. EIA said in its Short-Term Energy Outlook that it expects oil demand to grow by only 0.9 million barrels per day (mb/d) this year, the latest in a series of downgrades from the agency. In July, it said 2019 demand would grow by 1.1 mb/d and in June it said 1.2 mb/d. The EIA started off the year expecting demand to grow by 1.5 mb/d this year.
3 Can The Energy Industry Rise To The Challenge Of Climate Change?
https://www.woodmac.com/news/feature/can-the-energy-industry-rise-to-the-challenge-of-climate-change/
The statement above from the United Nations Framework Convention on Climate Change is the central aim of The Paris Agreement, ratified at the 2015 United Nations Climate Change Conference in Paris (COP21).
4 Mexico’s Growing Reliance on US Oil Will Continue
https://www.rigzone.com/news/mexicos_growing_reliance_on_us_oil_will_continue-13-sep-2019-159793-article/
Proven oil reserves in Mexico have collapsed from 50 billion barrels 20 years ago to just 8 billion barrels today.
5 Oman: Forget $80 Oil, Producers Should Get Used To $60 Oil
https://oilprice.com/Latest-Energy-News/World-News/Oman-Forget-80-Oil-Producers-Should-Get-Used-To-60-Oil.html
Oil producing nations should get used to living in a world of US$60 a barrel oil, because US$80 oil is unlikely in the current market environment, Oman’s Minister of Oil and Gas, Mohammed bin Hamad Al Rumhy, told Russian news agency TASS in a recent interview.
6 Oil Price Fundamental Daily Forecast – Concerns Over Lower Demand, Higher Supply Capping Prices
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-concerns-over-lower-demand-higher-supply-capping-prices-600043
As far as the news is concerned, a further easing of tensions between the United States and China could underpin prices, but the announcement of a meeting between U.S. President Donald Trump and Iranian President Hassan Rouhani could trigger a steep break.
7 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-reaction-to-2-619-to-2-635-determines-todays-direction-600018
If the tropical storm hits Florida then we could see a drop in demand, which could help accelerate the selling pressure. If the storm move into the Gulf of Mexico and strengthens then this could be a bullish development next week since it could pose a threat to natural gas infrastructure near Louisiana and Texas.
8 Weekly resin report: In a murky contract environment, spot market discounts attract buyers
https://www.plasticstoday.com/resin-pricing/weekly-resin-report-murky-contract-environment-spot-market-discounts-attract-buyers/141938474461488
Rousing itself from a post-Labor-Day slumber, the resin market awoke midweek with solid demand and heavy turnover, reported the PlasticsExchange (Chicago) in its Market Update. The typical order size was larger than usual last week, as some buyers, apparently pleased with the current price level, secured material not only for immediate needs, but also for delivery throughout the next month and sometimes two.
9 IHS Markit: US Natural Gas Prices To Fall To 50-Year Low
https://oilprice.com/Energy/Gas-Prices/IHS-Markit-US-Natural-Gas-Prices-To-Fall-To-50-Year-Low.html
Huge natural gas stockpiles in the United States are set to push prices for the fuel to a near 50-year low, IHS Markit said on Thursday in a new report, with Henry Hub nat gas prices averaging $1.92 per million British thermal units in 2020.
10 Gas to Become Primary Energy Source in 2026
https://www.rigzone.com/news/gas_to_become_primary_energy_source_in_2026-11-sep-2019-159770-article/
DNV GL sees global gas demand overtaking demand for oil in 2026 to become the world’s primary energy source.
11 Exclusive: Repsol in advanced talks to buy Exxon assets in Gulf of Mexico
https://www.reuters.com/article/us-exxon-mobil-gulfmexico-repsol-exclusi-idUSKCN1VU2JF
Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday.
12 BP unveils measures to battle methane leaks
https://www.reuters.com/article/us-bp-methane-idUSKCN1VV1BD
BP is introducing continuous monitoring of methane leaks at new oil and gas projects using drones and surveillance cameras, in a bid to cut emissions of the potent greenhouse gas to near zero.
13 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.
14 LyondellBasell forms JV for PE, PP, feedstocks in China
https://www.plasticsnews.com/news/lyondellbasell-forms-jv-pe-pp-feedstocks-china
Global petrochemicals leader LyondellBasell Industries will operate a major production unit in China through a partnership with a local firm. LBI — based in Rotterdam and Houston — will form the JV with Liaoning Bora Enterprise Group (Bora). Together, LBI and Bora will operate an ethylene cracker and downstream polyethylene and polypropylene resin units in Panjin, China. Hong Kong-based Bora began building the plant earlier this year.
15 Dow, SCG to make recycled, sustainable products
https://www.plasticsnews.com/news/dow-scg-make-recycled-sustainable-products
In a far-reaching program, plastics and chemicals giant Dow Inc. will work with industrial firm SCG of Thailand on a range of sustainable products.
Products made by the partnership will include recycled resin, recycled products made from plastic waste, petrochemical feedstocks from plastic waste and renewable plastic resins. The agreement was signed Sept. 6 in Bangkok.
