WTI at Midland, Texas, tumbles 45 cents/b on host of regional infrastructure issues
– March-delivered WTI at Midland ended the day at March cash WTI plus 10 cents/bbl, down 45 cents/bbl.
Oil dips on record US inventories, but OPEC cuts lend some support
– Brent crude futures were trading at USD 55.69/bbl, down 6 cents from their last close.
– US WTI crude futures dropped 10 cents to USD 53.01/bbl.
– Crude inventories rose 9.5 million bbl in the week ended Feb 10.
Kuwait Boosts Oil Capacity to Open Taps Once OPEC’s Cuts Expire
– State-run KOC plans to raise the Gulf nation’s capacity from its current level of 3.15 million bbl/day.
– KOC is producing 2.7 million bbl/day.
US Shale Oil OPEC
– November OPEC announced that it would enact 1.2 million bbl/day of production cuts on January 1st.
– US rigs doubled from 200 to 400, but oil production hardly responded.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
LyondellBasell announces increase of 2 cents/lb. in US MEG for March
– LyonellBasell plans to increase US MEG prices by 2 cents/lb. in March.
– LyondellBasell also rose diethylene glycol pricing by 4 cents/lb. effective February 15.
– US spot MEG pricing was last assessed Friday at 39.00 – 40.00 cents/lb. FOB USG.
– February US MEG contract was assessed at 42.71 – 43.21 cents/lb. up 2 cents from january and the highest since July 2015.
High density polyethylene (HDPE) climb in Asia
– In Far East Asia, HDPE film prices were assessed up at USD 1200/MT CFR levels, a week on week increase of USD 10/MT. HDPE blow moulding prices were assessed at USD 1170/MT levels, while HDPE injection moulding prices were assessed at USD 1160/MT levels, both up USD 10/MT from the previous week. HDPE yarn prices were up at USD 1190/MT levels, a week on week rise of USD 5/MT.
– In South East Asia, HDPE film prices were assessed at USD 1210/MT CFR levels, a week on week increase of USD 20/MT. HDPE yarn prices were at USD 1210/MT levels, up USD 10/MT on the week. HDPE injection prices were higher at USD 1180/MT levels, while HDPE BM prices were assessed at USD 1190/MT levels, both up USD 10/MT from the previous week.
– In India, HDPE film were assessed up at USD 1180/MT CFR levels. HDPE BM were assessed at USD 1185/MT levels, while HDPE injection prices were at USD 1175/MT levels, both up USD 10/MT from the previous week. HDPE yarn grade prices were up at USD 1200/MT levels, a week on week rise of USD 5/MT.
Mexico Pemex increases February PE prices
– The increase for LDPE amounts to 5.5%, while the HDPE is 6.0%.
– LDPE prices in Mexico are in the range of USD 1389 – 1477/MT, while LLDPE and HDPE prices at USD 1213 – 1257/MT.
Hanwha Chem to shut PVC plant for maintenance
– Hanwha Chemical is likely to take a PVC plant off-stream for a maintenance turnaround in March 2017 for around 10 to 15 days.
India may turn into net PE exporter in H2 as new plants start up
– India may turn into a net exporter of PE in the second half of 2017.
– India’s domestic PE capacity will increase by 2.01 million MT by mid-year.
Yaang Pipe Industry Co., Limited (www.yaang.com)