Chemical News
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Rejection of Keystone XL would be strong climate signal: EU commissioner Mar 01,2013
The European Union's top climate change official said Thursday that President Barack Obama can show his commitment to climate change action by rejecting TransCanada's plan to build the Keystone XL pipeline. "I think that would be an extremely strong signal [that Obama is serious about climate change action]," EU climate Commissioner Connie Hedeg...>>>
New Wall Street tax bills unveiled in US House, Senate Mar 01,2013
US Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, on Thursday again introduced bills to place a 0.03% tax on futures, swaps and other derivatives. Harkin and DeFazio have introduced bills calling for a similar tax in 2009, 2010 and 2011, but those bills never gained traction amid fierce opposition fro...>>>
Global economy, tire sales dampen 2012 natural rubber demand: IndoAgri Feb 28,2013
Indonesia's Indofood Agri Resources said Wednesday that global demand for natural rubber slowed in 2012 as a result of an adverse global economy and a slowdown in tire replacement sales. Due to the weaker demand, it said RSS 3 SICOM (Ribbed Smoked Sheets, Singapore Commodity Exchange) prices averaged $3,384/mt in 2012, down 30% from $4,824/mt in...>>>
Spot ARA butane prices gain support from petrochemical demand Feb 28,2013
Spot prices for barge lots of butane loading in the Amsterdam-Rotterdam-Antwerp area have gained support from petrochemical demand, according to industry sources. Surplus butane from ARA refineries can be absorbed into the MTBE, gasoline blending or petchem sectors. But demand from the MTBE sector is currently quite weak, with LyondellBasell,...>>>
US propane, propylene stocks fall 3.22 million barrels on week: EIA Feb 28,2013
US propane and propylene stocks dropped 3.22 million barrels to 47.85 million barrels in the reporting week that ended Friday, the Energy Information Administration said Wednesday. Midwest supplies fell 926,000 barrels to 13.52 million barrels, East Coast supplies declined 552,000 barrels to 1.78 million barrels, Gulf Coast stocks dropped 1.62 ...>>>
Repsol, Shell agree 10-year LNG supply deal to Canaport terminal Feb 28,2013
Repsol on Tuesday announced a $6.7 billion deal that will see Shell purchase a package of LNG assets from the Spanish firm. Repsol will sell Shell its interests in LNG facilities in Trinidad and Tobago, Peru and Spain as well as LNG contracts and vessel contracts. Those interests are a 20% share of the four-train, 15 million mt/year Atlantic ...>>>
NYMEX April gas contract rises in early trading on weather support Feb 28,2013
The NYMEX April natural gas futures contract rose in early trading Wednesday as traders eyed a potentially cold start to March across much of the US. As of 10:05 a.m. EST (1505 GMT), the contract was trading at $3.51/MMBtu, up 5.4 cents from its close on Tuesday. "Despite what the various groundhogs might have indicated, it appears March is g...>>>
NWE March gasoline crack swap falls to near 2-week low on drop in RBOB futures Feb 28,2013
Northwest Europe gasoline crack swaps fell sharply at Tuesday's European close following a drop in NYMEX RBOB futures. Platts assessed the March Eurobob crack swap at $13.50/barrel Tuesday, down from Monday's $14.70/b and the lowest since February 13 when it was assessed at $13.40/b. The front- and second-month NYMEX RBOB contracts both fell ...>>>
US commercial crude stocks continue to rise; gasoline drops further: EIA Feb 28,2013
US commercial crude stocks failed to fall for the sixth straight reporting week data from the Energy Information Administration showed Wednesday, climbing 1.13 million barrels over the week ended February 22 to 377.518 million barrels, despite a sharp increase in refinery utilization and a decline in domestic production. The overall increase in ...>>>
NWE Mar butadiene contract fully settled at Eur1,415/mt Feb 27,2013
The Northwest European contract price for March-delivered butadiene was fully settled Tuesday at Eur1,415/mt FD NWE ($1,880/mt FD), following confirmation from two producers and two consumers involved in the negotiations. The increase represents a Eur50/mt rise from the February price of Eur1,365/mt FD NWE. Two sellers, Total Petrochemicals a...>>>
China Jan polypropylene homopolymer imports up 2.7% from Dec to 385,957 mt Feb 27,2013
China's polypropylene homopolymer imports increased 2.7% month on month in January to 385,957 mt, customs data released on Tuesday showed. PP imports rose 36.5% year on year, the data showed. Imports from Saudi Arabia edged up 3.3% from December to 97,675 mt while imports from South Korea slipped 2.9% month on month to 76,139 mt. South Korea ...>>>
US spot PX at near one-month low amid weakening Asian PX prices Feb 27,2013
US spot paraxylene fell $15/mt Tuesday to nearly a one-month low assessment of $1,595/mt FOB US Gulf Coast tracking weaker Asian levels. US spot PX was last seen at this level on January 28, when the assessment was at $1,595/mt FOB USG. US spot PX then rose after that assessment amid strong Asian PX demand, reaching a 16-month high at $1,640/mt ...>>>
ASIA THERMAL COAL: CFR China market rangebound ahead of Chinese parliament Feb 27,2013
Buying interest stayed muted at south China's trading hubs for imported thermal coal Tuesday, and CFR delivered prices were rangebound at $86/mt and remain capped by competitively priced domestic thermal coal, traders said. The Chinese spot market has lacked direction for several weeks, and international traders were hoping that a key meeting of...>>>
Asia to be 2nd largest global gas market by 2015 with 790 Bcm/year demand: IEA Feb 27,2013
Asia will become the second-largest global natural gas market after North America by 2015 with annual demand rising to 790 billion cubic meters, the International Energy Agency said in a report released Tuesday. "Asia is already home to the world's fastest-growing gas market. But expanding the role of gas in Asia will depend on regional market c...>>>
Germany's Wintershall targets 2013 increase in oil, gas output Feb 27,2013
Germany's Wintershall expects to increase its oil and gas output in 2013 mainly as a result of higher volumes from its operations in Russia, Norway and Libya, the company's parent BASF said Tuesday. In its outlook for 2013, BASF said Wintershall would close a number of key deals, helping it raise output. In 2012, Wintershall's production rose...>>>
China's overseas equity output to hit 3 mil b/d by 2015: IEA chief Feb 27,2013
China's oil and gas companies could lift their total overseas equity production to 3 million b/d by 2015, the executive director of the International Energy Agency said Tuesday. "Chinese national oil companies are present everywhere in [the] fastest growing fields," Maria van der Hoeven said in an interview with Platts in Tokyo. "Assuming tha...>>>
S-Oil, ExxonMobil nominate Mar PX ACP at $1,750/mt CFR, up $65 Feb 26,2013
South Korea's S-Oil nominated its paraxylene Asia Contract Price for March at $1,750/mt, up $65/mt from its February settlement, sources close to the negotiations said Monday. There are four ACP sellers in Asia -- ExxonMobil, Idemitsu Kosan, JX Nippon Oil and Energy and S-Oil. ExxonMobil also nominated its March PX ACP at $1,750/mt CFR, up $65/...>>>
Borealis Q4 profit jumps 72%, bearish on European polyolefins business Feb 26,2013
Borealis reported Monday a 72% jump in fourth-quarter net profit to Eur100 million ($133 million) from Eur58 million a year earlier, but gave a downbeat view on the 2013 outlook for its European polyolefins business. Sales grew to Eur1.87 billion in Q4 from Eur1.59 billion a year ago, thanks to its strong fertilizer business and increased contri...>>>
NWE ethylene, propylene supply tightens on production issues Feb 26,2013
European ethylene and propylene supply has tightened amid a spate of production issues, though the impact of this on spot prices is being moderated by poor derivatives demand, according to industry sources. Availability to the market had already been constrained by the prolonged outage at Naphtachimie's 745,000 mt/year cracker in Lavera, France,...>>>
OTC coal derivatives drop 31% on-year in Jan to 181.45 mil mt: LEBA Feb 26,2013
Total traded volumes of OTC and exchange-cleared financial coal derivatives in January fell 31% year on year to 181.454 million mt, according to data published Monday on the London Energy Brokers' Association website. The figure is 49% higher than December 2012's monthly volumes of 121.77 million mt, the lowest volume of 2012. API2 (CIF ARA) ...>>>