Chemical News
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US FERC tosses onshore pipeline permit for Gulf of Mexico LNG import terminal Jun 05,2013
Freeport-McMoRan Energy has missed its deadline and can no longer build an onshore Alabama pipeline to a longer offshore pipeline that would have brought liquefied natural gas from an import terminal in the Gulf of Mexico, the US Federal Energy Regulatory Commission has ruled. FERC's order is the latest in a string of commission decisions to can...>>>
China polyester demand pushes May Asian PTA production margin to 10-month high Jun 04,2013
The average production margin for Asian purified terephthalic acid in May rose to minus $48.89/mt, the highest level seen since July 2012, amid firm PTA demand for polyester, Platts data showed. In April, the average stood at minus $83.03/mt. The CFR Taiwan/China paraxylene feedstock price fell $38/mt month on month to average $1,426.98/mt in M...>>>
Poland's Synthos shuts Kralupy petrochemical complex on Vltava floods Jun 04,2013
Polish chemical producer Synthos has begun an emergency shutdown of all units at its petrochemical complex in Kralupy, Czech Republic due to extreme flooding by the Vltava river, a company source said Monday. "We are closing production of all units one by one today, so as to do it as smoothly as possible, due to the crisis situation with floodi...>>>
US styrene-benzene spread remains above $300/mt: Platts data Jun 04,2013
The US styrene to benzene spread remained above $300/mt for much of the last week, with the spread at $303.66/mt Monday, according to Platts data. US spot styrene lowered 0.05 cent/lb ($1.10/mt) day on day to a Monday assessment at 72.50 cents/lb ($1,598.33/mt) FOB US Gulf Coast, tracking lower feedstock benzene. US spot benzene fell 2 cents/...>>>
Asia left wondering if China is serious about low cv coal import ban Jun 04,2013
The Asian thermal coal market is cautiously awaiting a decision from China, wondering if Beijing is serious about imposing a ban on imports of low calorific value coal, according to a range of market players interviewed by Platts Monday at the Coaltrans Asia conference in Bali. One Beijing-based coal buyer said there is talk China may pass a reg...>>>
Duplication at Australia's three Curtis LNG terminals, admits Santos VP Jun 04,2013
There has been some uneconomic duplication of facilities such as loading jetties at the three LNG export projects being built on Curtis Island offshore the eastern Australian port of Gladstone, a senior executive at one of the projects admitted Friday. "With 20/20 hindsight that's how it might be perceived," said Rod Duke, downstream vice presid...>>>
Canada's Goldboro LNG inks 20-year sales deal with Germany's E.ON Jun 04,2013
Pieridae Energy Canada, the developer of the Goldboro LNG project in Nova Scotia, has signed a 20-year sales agreement to start delivering 5 million mt/year to German utility E.ON in the first quarter of 2020, Pieridae said Monday. The contract will provide the "European market and Germany particularly with a new secure source of natural gas sup...>>>
ExxonMobil, BP name new heads for Australian operations Jun 04,2013
BP has become the second oil and gas major in a day to announce it would have a new chief for its Australian operations, following fast on the heels of a similar announcement by ExxonMobil. Andy Holmes has been appointed president of BP Australasia, effective July 1, the company said in a statement Monday. He succeeds Paul Waterman, who has bee...>>>
Oil complex settles higher on eurozone PMI, weak US dollar Jun 04,2013
NYMEX July crude settled $1.48 higher at $93.45/barrel Monday, largely holding to overnight gains following better-than-expected eurozone manufacturing data. Weak US manufacturing data put downward pressure on the US dollar, which provided added support to crude and product futures. ICE July Brent crude settled $1.67 up at $102.06/b, and foun...>>>
China 100 Spot Commodities Price Chart - 31/05/2013 Jun 03,2013
It was assessed by SunSirs that in the tracked 100 spot commodities,14 commodities increased in prices, 25 fell and 61 remained unchanged on 31/05/2013.The largest rises were Silver (1.44%),Zinc (0.74%),Copper (0.64%),while the largest falls were Iron ...>>>
EU Q1 chemical output falls 2.1% on year as weak demand persists Jun 03,2013
Chemicals production in the European Union contracted 2.1% year-on-year in the first quarter, industry body Cefic said in its latest Chemicals Trends Report Friday. Monthly production data for March showed a 2.8% drop compared with March 2012. Prices for chemicals in the EU increased 0.5% year-on-year in March. The lower overall monthly producti...>>>
US targets petchems companies in latest Iran sanctions Jun 03,2013
The US on Friday identified eight petrochemical companies it says are owned or controlled by the government of Iran and are therefore subject to sanctions. The US State Department also sanctioned two companies "for knowingly engaging in a significant transaction for the purchase or acquisition of petrochemical products from Iran." The US Trea...>>>
US June benzene CP settles 5 cents lower at $4.42/gal: sources Jun 03,2013
The June US benzene contract price settled 5 cents/gallon ($14.95/mt) lower at $4.42/gal ($1,321.58/mt), sources said Friday. The benzene CP settled at $4.47/gal in May, an 11-cent jump from the prior settlement at $4.36/gal. Market participants expected a lower settlement because of the decline in spot prices toward the end of May amid weake...>>>
Myanmar-China gas pipeline ready for trial operations: CNPC Jun 03,2013
The Myanmar-China natural gas pipeline has been completed and is ready for trial operations, and a parallel oil pipeline is 94% complete, state-owned China National Petroleum Corp. said Friday on its website. The 12 Bcm/year gas pipeline will transport natural gas produced in Myanmar to China's southern province of Yunnan. The 22 million mt/year...>>>
US lower-48 gas production drops 0.6% to 72.71 Bcf/d in March: EIA Jun 03,2013
Natural gas production in the US Lower-48 states dropped to 72.71 Bcf/d in March, a slide of 0.6% or 410,000 Mcf/d, compared with February's output, the US Energy Information Administration said Friday in its monthly gross production report. March's output in the Lower 48 states was down 0.6% from a revised 73.12 Bcf/d production average for Feb...>>>
OPEC reaches expected deal to leave crude output unchanged Jun 03,2013
OPEC ministers meeting in Vienna Friday reached an expected agreement to maintain the group's current crude production limits, leaving their combined output ceiling at 30 million b/d. Ministers had widely signaled their happiness with current production limits in the run-up to the talks, and their formal meeting took less than two hours to agree...>>>
Oil complex accelerates selloff ahead of US market settle Jun 03,2013
The oil complex pushed sharply lower late in US trade Friday, extending an overnight selloff prompted by a stronger dollar, lower equities markets and OPEC's decision to roll over its 30 million b/d output target following Friday's meeting in Vienna. NYMEX July crude settled $1.64 lower at $91.97/b, dropping $1.18 in the last half hour of the US...>>>
China 100 Spot Commodities Price Chart - 30/05/2013 May 31,2013
It was assessed by SunSirs that in the tracked 100 spot commodities,13 commodities increased in prices, 31 fell and 56 remained unchanged on 30/05/2013.The largest rises were Palm Oil (1.33%),Soybean meal (0.93%),DAP (0.55%),while the largest falls wer...>>>
S Korea KPIC's Q1 net profit rises 33%, YNCC's profit plunges 68% on year May 31,2013
South Korea's petrochemicals maker Korea Petrochemical Industry Company said Thursday its first-quarter net profit rose 32.7% year on year to Won 6.9 billion ($6.1 million), from Won 5.2 billion a year earlier. Operating profit also jumped 67.9% year on year to Won 9.4 billion for the first three months, compared with Won 5.6 billion in the same...>>>
Asia isomer-MX spot market may shrink to almost a third in 2014: sources May 31,2013
The spot market for Asian isomer-grade mixed xylenes is likely to shrink to a third of its current size next year as a major spot seller diverts a large chunk of its product into making paraxylene, market sources said Thursday. "The current size of the isomer-MX spot market is estimated at 500,000-600,000 mt/year, but it will likely be squeezed ...>>>