Friday, November 15, 2019
Energy, Petrochemicals and Plastics 38
1 IEA: Peak Oil Demand Is Less Than A Decade Away
https://oilprice.com/Energy/Crude-Oil/IEA-Peak-Oil-Demand-Is-Less-Than-A-Decade-Away.html
Until about 2025, the IEA said, global oil demand will expand by about 1 percent annually, exceeding 100 million bpd and reaching 105.4 million bpd. After that growth will shrink substantially and demand will reach a plateau at less than 110 million bpd—106.4 million bpd.
2 Oil Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-pressured-as-demand-concerns-outweigh-trade-talk-optimism-613241
The early strength didn’t last and the markets turned lower after the IEA said on Friday, OPEC and its friends face stiffening competition in 2020, adding urgency to the oil producer group’s policy, according to Reuters.
3 Natural Gas Price Fundamental Daily Forecast
https://www.fxempire.com/forecasts/article/natural-gas-price-fundamental-daily-forecast-eia-weekly-storage-11-15-day-forecast-to-drive-price-action-612858
Natural gas futures are trading higher early Thursday and on the strong side of a key retracement zone as traders continue to react to reports calling for a fresh round of colder-trending weather. Position-squaring ahead of the U.S. Energy Information Administration weekly storage report later today could also be providing support after a steep six-day sell-off. Helping to keep a lid on prices, however, is a weaker spot market.
4 Weekly resin report: Spot PE prices slide as suppliers compete for orders
https://www.plasticstoday.com/resin-pricing/weekly-resin-report-spot-pe-prices-slide-suppliers-compete-orders/26580568861852
Prices for both polyethylene (PE) and polypropylene (PP) weakened across the board last week, reports the PlasticsExchange (Chicago) in its Market Update. PE grades dropped $0.005 to 0.015/lb, although some materials such as low-density (LD) PE for film and high-density (HD) PE for dairy remained a tad snug. Spot PP prices dropped a deuce on weaker feedstock costs. There were some phenomenal resin deals presented to us, writes the PlasticsExchange, which it scooped up, because they were “just too compelling to pass up.”
5 IEA Sees $90 Crude Ahead Of Oil’s Downfall
https://oilprice.com/Energy/Energy-General/IEA-Sees-90-Crude-Ahead-Of-Oils-Downfall.html
Global oil demand will plateau around 2030, according to a major new report, but the decline in demand is way too slow to head off the worsening effects of climate change.
Oil demand begins to flatten out in the 2030s “under pressure from rising fuel efficiency and the electrification of mobility,” The International Energy Agency (IEA) said in its widely-anticipated annual World Energy Outlook.
6 Petchems demand for crude oil set to boom despite rising recycling rates – IEA
https://www.icis.com/explore/resources/news/2019/11/13/10443245/petchems-demand-for-crude-oil-set-to-boom-despite-rising-recycling-rates-iea
Global recycling rates are set to boom in coming decades but demand for crude oil from the petrochemicals industry is set to continue rising as emerging economies urbanise, the International Energy Agency (IEA) said on Wednesday.
7 INSIGHT: Current chems recycling not enough to make significant dent in oil demand
https://www.icis.com/explore/resources/news/2019/11/14/10444174/insight-current-chems-recycling-not-enough-to-make-significant-dent-in-oil-demand-iea
Chemicals recycling technologies that would pave the way for petrochemicals to avoid crude oil as feedstock are still not sufficient to drag down overall demand in coming decades, according to the IEA’s petrochemicals analyst.
8 Short-Term Energy Outlook – U.S. Energy Information Administration (EIA)
https://www.eia.gov/outlooks/steo/
Brent crude oil spot prices averaged $60 per barrel (b) in October, down $3/b from September and down $21/b from October 2018. EIA forecasts Brent spot prices will average $60/b in 2020, down from a 2019 average of $64/b. EIA forecasts that West Texas Intermediate (WTI) prices will average $5.50/b less than Brent prices in 2020. EIA expects crude oil prices will be lower on average in 2020 than in 2019 because of forecast rising global oil inventories, particularly in the first half of next year.
9 U.S. Oil Production Set To Keep Rising
https://www.forbes.com/sites/judeclemente/2019/11/14/us-oil-production-set-to-keep-rising/
Along with slower global demand growth, surging U.S. oil production has been the primary bearish factor in the oil market. Per U.S. Department of Energy numbers, domestic crude output is at all-time records of 12.6 million b/d, some 80% of all U.S. liquids supply. The industry has deployed constant technology and efficiency gains to compensate for less CAPEX investment and drilling.
10 Could The Aramco IPO Kill OPEC?
https://oilprice.com/Energy/Energy-General/Could-The-Aramco-IPO-Kill-OPEC.html
The global oil market could be entering unchartered waters in the coming weeks. After the US shale revolution, which threatened OPEC’s hold on and the stability of the market, a new danger is lurking around the corner.
11 Chart builds Europe’s largest LNG vehicle fuelling station
https://www.lngindustry.com/liquid-natural-gas/14112019/chart-builds-europes-largest-lng-vehicle-fuelling-station/
Chart Industries, Inc. has announced that it has completed the installation and commissioning of Europe’s largest LNG fuelling station for AlternOil GmbH.
The station will be operated by AlternOil following final approval by local authorities expected in early December 2019. It is located on Germany’s main A1 highway near the city of Bakum.
12 Natural rubber leaf disease raises concerns in Thailand
https://www.rubbernews.com/suppliers/natural-rubber-leaf-disease-raises-concerns-thailand
Major natural rubber producers in Thailand, Indonesia and Malaysia have expressed concern over the spread of Pestalotiopsis leaf disease in the countries.
13 Repsol looks to Alberta to replace Mexican and Venezuelan oil
https://www.worldoil.com/news/2019/11/12/repsol-looks-to-alberta-to-replace-mexican-and-venezuelan-oil
Repsol SA is looking as far away as Western Canada for oil for its European refineries amid dwindling supplies from Mexico and Venezuela.
14 Offshore oil to peak in 2020, then join the shale slump, says analyst
https://www.worldoil.com/news/2019/11/12/offshore-oil-to-peak-in-2020-then-join-the-shale-slump-says-analyst
Offshore oil production is expected to hit a peak in 2020 before joining the shale industry in a slowdown that could dramatically rewrite market supply predictions.
