Chemical News
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PLATTS ANALYSIS: More Iran LPG expected in Asia on CFR shipments despite EU ban May 17,2013
Iran's Petrochemical Commercial Co is expected to offer more LPG to Asia after selling a cargo to South Korea, possibly its first to this region in 2013 since an EU ban late last year, by using ships made available for CFR deliveries, industry sources said this week. If PCC managed to continue selling, it will mark Iran's return as a regular exp...>>>
China 100 Spot Commodities Price Chart - 16/05/2013 May 17,2013
It was assessed by SunSirs that in the tracked 100 spot commodities,7 commodities increased in prices, 37 fell and 56 remained unchanged on 16/05/2013.The largest rises were HDPE (0.97%),LPG (0.31%),Acetic acid (0.21%),while the largest falls were Silv...>>>
EU Feb chemical output falls 2.3%; April industry confidence declines May 17,2013
EU chemicals production in February dropped 2.3% year on year while the overall EU chemicals industry confidence indicator continued to deteriorate in April, mainly due to lower order-book assessments, industry body Cefic said Thursday. The production index for February was dragged down by specialty chemicals, which dropped 4.2% year on year dur...>>>
China unnerves Asia market with threatened embargo on low-CV thermal coal May 17,2013
Market reports that China's National Energy Administration is considering a proposal to outlaw the import of some grades of lower calorific thermal coal has been greeted with a mixture of consternation and disbelief by participants in the Asian seaborne market Thursday. Indonesia is by far the largest producer and shipper of lower calorific valu...>>>
Independent Furie Operating completes drilling on Cook Inlet test May 17,2013
Houston-based Furie Operating Alaska reached its planned depth of 10,400 feet and is making plans to do a natural gas production test in a closely watched Cook Inlet exploration well, state officials said Thursday. Kyle Smith, petroleum land manager at the state Division of Oil and Gas, said the state receives daily drilling reports on Cook Inle...>>>
European Commission clarifies cross-ownership rules for investors in grids, energy May 17,2013
The European Commission has set out guidelines for investors on the unbundling of electricity and gas grids, setting out when investors can own grid assets as well as interests in gas or power supply, generation or production activities. Under the EU's third package of energy market reforms, which came into force in March 2011, national regulato...>>>
Norway oil, gas group says output could be hit by tax changes May 17,2013
The Norwegian Oil and Gas Association, the peak industry group which represents the major producers offshore Norway, said Thursday a proposed tax being considered by the government could led to a decline in production and urged it to rethink its position. The center-left coalition government of Prime Minister Jens Stoltenberg, which is facing a...>>>
Venezuela, China agree on terms of $4 bil loan to boost Orinoco oil output May 17,2013
Venezuela and China have agreed on the terms of a previously announced $4 billion financing deal to increase the output of their Sinovensa joint venture in Venezuela's Orinoco oil belt, the South American country's oil minister said late Wednesday. "We have agreed on the financing that was under discussion, but now the agreement is ready, that i...>>>
China 100 Spot Commodities Price Chart - 15/05/2013 May 16,2013
It was assessed by SunSirs that in the tracked 100 spot commodities,19 commodities increased in prices, 34 fell and 47 remained unchanged on 15/05/2013.The largest rises were Dried cocoons (1.51%),PET (0.98%),Acetone (0.79%),while the largest falls wer...>>>
Asian isomer-MX traders eye reverse arbitrage from Northeast Asia to USGC May 16,2013
Asian isomer-grade mixed xylene traders are eying opportunities to make the reverse arbitrage movement from Northeast Asia to the US Gulf Coast given the recent widening of prices between both regions, traders said Wednesday. Several traders said Asian traders were looking at the possibility to ship some prompt cargoes for end-May and early-Jun...>>>
Chevron Phillips Chemical declares polyethylene force majeure May 16,2013
Chevron Phillips Chemical declared a force majeure for its polyethylene products Tuesday, according to a letter to customers that was obtained by Platts. The company said in the letter that the move was caused by issues affecting its ethylene production, causing a "contingency event" which brought on the force majeure. "We are in the process ...>>>
Consol's Blacksville thermal coal mine may remain offline for 30 more days May 16,2013
Consol Energy's 3.2 million st/year Blacksville No. 2 steam coal mine may not resume production for "at least" another 30 days so safety workers can monitor new seals installed to smother a possible underground fire, West Virginia's top mine safety official said Wednesday. But the official, Eugene White, followed up by emphasizing, "The intentio...>>>
BP seeks environmental approval for Great Australian Bight drilling May 16,2013
UK oil and gas major BP has sought environmental approvals from the Australian federal government for a $600 million exploration program in the frontier waters of the Great Australian Bight, off the continent's south coast. BP holds four exploration blocks in the Ceduna Sub-Basin off the state of South Australia, designated EPP 37, EPP 38, EPP 3...>>>
EURO GAS: Prices on prompt, curve post small gains May 16,2013
European prompt gas prices rose Wednesday despite strong Norwegian gas supplies, as higher than normal seasonal demand in the UK gas hub supported higher prices on the continent. Day-ahead gas contracts on the Dutch TTF trading hub were valued at Eur26.55/MWh, up 5 euro cent from Tuesday's closing price. On the neighboring German gas market, ...>>>
US House Republicans release bills for more oil, gas drilling May 16,2013
US House Republicans on Wednesday unveiled two new bills aimed at opening more federal lands to oil and natural gas drilling and reforming federal lease sales. The Federal Lands Jobs and Energy Security Act, (H.R. 1965), which was introduced by Representative Doug Lamborn, a Colorado Republican, is aimed at reforming the federal lease process fo...>>>
Oil complex rebounds on technical bounce, equities despite bearish EIA data May 16,2013
The oil complex shrugged off largely bearish US Energy Information Administration data Wednesday as a rise in equities coupled with a technical bounce halted a four-day slide in June crude futures. NYMEX June crude rallied towards the close, settling 9 cents higher at $94.30/barrel. Front-month crude had traded as low as $92.13/b following the r...>>>
China 100 Spot Commodities Price Chart - 14/05/2013 May 15,2013
It was assessed by SunSirs that in the tracked 100 spot commodities,21 commodities increased in prices, 27 fell and 52 remained unchanged on 14/05/2013.The largest rises were BR (1.36%),SBR (1.18%),Sulfuric acid (0.92%),while the largest falls were Eth...>>>
Chinese PTA makers sell off PX feedstock as May ACP fails to settle May 15,2013
Major Chinese purified terephthalic acid makers offered down their paraxylene feedstock Monday as the May PX Asia contract price failed to settle at the end of April. The PX ACP, negotiated monthly between four PX producers and five PTA makers, failed to settle for the second time this year. The previous non-settlement was in March. In the ev...>>>
NWE styrene rises 8.9% in May on run cuts, producer prompt demand May 15,2013
The Northwest European styrene monomer benchmark has climber $137.50/mt or 8.9% from a year-to-date low of $1,537.50/mt on April 22 to $1,675/mt FOB ARA Tuesday, Platts data showed. The rally was due to a combination of increasing demand and production cuts that fed short-covering appetite by regional producers. As the styrene premium to ben...>>>
Chevron Phillips Chemical declares polyethylene force majeure May 15,2013
Chevron Phillips Chemical has declared a force majeure for its polyethylene products, according to a letter to customers Tuesday that was obtained by Platts. The company said in the letter that the move was caused by a "contingency event" to its ethylene production. "We are in the process of evaluating the expected duration and will provide y...>>>