Chemical News
-
ASIA SPOT LNG: Platts April JKM at $14.725/MMBtu on post-winter demand Feb 20,2012
Platts April LNG Japan Korea Marker was higher at $14.725/MMBtu at the end of the Asian trading week on the back of post-winter spot demand carried over from March. The April JKM rolled over at $14.675/MMBtu Thursday. There was a significant price gap between buyers and sellers for April shipments, but offers looked increasingly bullish across t...>>>
US Northeast could become net gas exporter by 2017: Bentek Energy Feb 20,2012
While low natural gas prices could lead to a 50% decline in northern Pennsylvania dry gas rig counts in the next several months, a quadrupling of liquids-rich production volumes in the southwestern Marcellus and Utica shales could make the US Northeast a net gas exporter by 2017, Bentek Energy said in a market alert issued Friday. Bentek is a un...>>>
Encana aims to close $2.9 bil sale of Canada gas play stake this month Feb 20,2012
Encana, the largest natural gas producer based in Canada, expects to close a $2.9 billion sale of a 40% stake in its British Columbia gas assets to Japan's Mitsubishi later this month, Encana CEO Randy Eresman said Friday. Eresman said in a conference call that the deal commits Mitsubishi to pay $1.45 billion at closing and the balance over the ...>>>
USAC high sulfur diesel cargo slated for rare February trip to Europe Feb 20,2012
Mild winter weather in the US Northeast is allowing traders to send a seasonally rare high sulfur diesel cargo from the Atlantic Coast to Europe, according to market sources. The cargo will be a 400,000-barrel load on the tanker Cape Troy, sources said. The Panamax is slated to load Saturday, according to the Platts' vessel tracking software cTr...>>>
US approves Shell oil spill response plan for Alaska offshore wells Feb 20,2012
Shell's plans to drill exploration wells in Alaska's Chukchi Sea this summer advanced Friday when the US Interior Department approved the company's oil spill response plan. While Shell must still file individual permits for the six wells it proposes to drill in the Chukchi over the next two years, approval of the response plan is a major step an...>>>
China petrochemical sector to fare better in 2012 - Barclays Feb 17,2012
The Chinese government's expansionary fiscal policy along with the first signs of stabilizing petrochemical and plastic prices in China will lead to a better performance of the Chinese petrochemical sector in 2012 compared with 2011, Barclays Capital said in a research note Wednesday. A healthier petrochemical sector would propel a stronger per...>>>
European PVC prices supported by weather-related supply constraints Feb 17,2012
Weather-related production issues are lending support to spot European PVC prices and pushing up pricing ideas for February contract price negotiations, sources said Wednesday. Suppliers, buyers and distributors all agreed that the market is currently "balanced to tight," having previously been long. They pointed to the recent force majeures ...>>>
Asian paraxylene prices fall Feb 17,2012
Asian benzene rose $3.75/mt day on day Thursday to $1,187.75/mt FOB Korea, shown in red below, as US benzene and crude oil prices ticked up. In Asia trade Thursday, front month ICE Brent crude futures rose $0.20/barrel day on day to $118.36/b at 4:30 pm Singapore time (0830 GMT). In the US, benzene climbed $9 to $1,246/mt FOB USG, shown in blue bel...>>>
US Huntsman posts fourth-quarter profit of $105 million Feb 17,2012
US-based Huntsman Chemical on Thursday reported fourth-quarter profits of $105 million -- up from $30 million a year ago -- as higher selling prices in the polyurethanes, performance products and pigments divisions offset decreases in sale volumes. The higher income came on revenue of $2.63 billion, up 9% from the same time period in 2010. Ad...>>>
US acetone, phenol prices climb despite conflicting demand Feb 17,2012
Acetone hit a four-month high of $1,257/mt FOB US Gulf Coast Thursday, while phenol closed in on a six-month high, assessed at $1,455/mt FOB USG Thursday, according to Platts data. Rising feedstock refinery-grade propylene and benzene prices, coupled with healthy demand for acetone amid lower demand and production of its co-product, phenol, have...>>>
Talisman slashes size of Marcellus Shale drilling program Feb 17,2012
Canada's Talisman Energy is making even heavier cuts to its rig count in Pennsylvania's Marcellus Shale natural gas play and will not reverse that trend until gas prices return to $4/Mcf, CEO John Manzoni said Wednesday. Along with slashing its Marcellus Shale spending to $600 million from $1.2 billion in 2011, the number of rigs at work in the ...>>>
UK GAS: Contract prices fall on low demand Feb 17,2012
Prompt prices fell Thursday morning on the UK NBP gas trading hub as gas demand in Britain eased by about 30% week-on-week on mild temperatures. Same and next-day delivery contracts were each trading at 57.00 pence/therm midday Thursday having lost 0.50 p/th from the previous session's close. Temperatures in the UK were above seasonal norms T...>>>
Russia has no plans 'so far' to raise ESPO crude oil supply to China Feb 17,2012
China is seeking to increase crude oil imports from Russia above the 300,000 b/d it receives via the East Siberia-Pacific Ocean pipeline, but Moscow has no plans "so far" to boost its flows of the blend to its neighbor, an official with Russia's Transneft pipeline operator said Wednesday. "There are requests [by China to increase ESPO supplies] ...>>>
Centriforce to be reckoned with says MP Feb 16,2012
The facility, which will output high-quality of HD/LDPE/PP, was officially opened on Tuesday by local MP Louise Ellman. "I'm delighted to be able to come and open this plastics recycling plant," said the MP. "As a private investor, Centriforce is putting its faith in the UK's growing recycling industry and is making a valuable contribution towa...>>>
US Eastman to hike glycol ether, ester solvent, ketone prices from March 1 Feb 16,2012
US-based Eastman said Tuesday it will hike its prices for glycol ethers, ester solvents and ketones globally from March 1 or as contracts allow. It attributed the rises to higher operating costs as raw material and energy costs increase. Among its ester solvents, prices for n-butyl acetate, isobutyl acetate and isopropyl acetate will rise 22...>>>
NWE paraxylene contract price still unsettled, may not settle: sources Feb 16,2012
Paraxylene buyers, sellers and traders in Europe all say they haven't seen a second settlement agreed at the same level as the initial contract price a week and a half ago, which would fully settle the contract. On February 3, the PX contract for February was initially settled at Eur1,232/mt ($1,615/mt) FD Northwest Europe, between producer Shel...>>>
BPMigas says Chevron's deepwater projects in Indonesia contain 2.3 Tcf of gas Feb 16,2012
Chevron's deepwater projects in the Makassar Strait, offshore East Kalimantan, could contain 2.3 Tcf of natural gas and the projects may require investments totaling $7 billion, a senior official at Indonesia's upstream regulator BPMigas said Tuesday. "The figure could change depending on the front-end engineering design and final investment dec...>>>
Talisman slashes size of Marcellus Shale drilling program Feb 16,2012
Canada's Talisman Energy is making even heavier cuts to its rig count in Pennsylvania's Marcellus Shale natural gas play and will not reverse that trend until gas prices return to $4/Mcf, CEO John Manzoni said Wednesday. Along with slashing its Marcellus Shale spending to $600 million from $1.2 billion in 2011, the number of rigs at work in the ...>>>
US lawmakers say meeting with potential buyers of Northeast refineries Feb 16,2012
The prospects for keeping three US Northeast refineries running are brighter than owners Sunoco or ConocoPhillips have let on, members of Congress' Pennsylvania and Delaware delegations said Wednesday. "I have personally met with the senior executives of the refiners and the senior executives of potential buyers," Senator Pat Toomey, Republican-...>>>
Canadian Syncrude cash differential at premium to NYMEX calendar month average Feb 16,2012
The Canadian Syncrude cash differential Wednesday was assessed at a premium to the NYMEX front calendar month average for the first time in over a month. The Syncrude differential was assessed Wednesday at the NYMEX front calendar month average plus 25 cents/barrel, a $3.25/b increase from Tuesday's assessment. The last time the differential wa...>>>