Chemical News
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Iraq oil minister expects OPEC to cut output at Dec meeting Nov 23,2011
Iraq's oil minister Abdul Karim Luaibi said Tuesday in Tokyo that he expected OPEC to cut crude output at its December meeting in anticipation of weaker demand for oil next year. Luaibi, who responded to written questions from the media, also said that oil prices of $100-120/barrel were "reasonable and acceptable." Iraq has been exempt from O...>>>
US retail gasoline demand fell 4.5% week ended November 18: survey Nov 23,2011
US retail gasoline demand fell 4.5% year-on-year for the week ending November 18, with a total 60.943 million barrels pumped in the period, according to data from MasterCard Advisors' weekly survey. "As we close in on the Thanksgiving Day holiday, year-over-year declines in gasoline consumption continue to trend downward, posting a slightly more...>>>
Debt-reduction panel spirals toward failure Nov 21,2011
Republican and Democratic lawmakers cast doubt on any possibility of agreement in appearances on Sunday talk shows. Without some unexpected breakthrough, aides said, the 12-member bipartisan "super committee" will admit defeat on Monday. Some of the panel members appeared to be stepping up blame as the clock ticked toward an imminent deadline. T...>>>
The fine chemical of fluorine chemical industry is the development trend Nov 18,2011
China fluorine chemical industry has been maintaining the strong development momentum since the 90s, not only cultivated some industry giants such as Dongyue, Juhua, 3F, but also fostered a thousand of small and medium fluorine chemical enterprises. Currently many problems exist in fluorine chemical industry; a. basis fluoride chemical industria...>>>
No turnarounds planned for Malaysian Titan's 2 steam crackers in 2012 Nov 18,2011
Malaysia's Titan Chemicals will not be taking its two naphtha-fed steam crackers at Pasir Gudang down for maintenance in 2012, a source close to the company said Thursday. The petrochemical producer last conducted a scheduled maintenance on its No. 1 cracker over June 26-July 23 this year. The No. 1 cracker can produce 260,000 mt/year of ethyle...>>>
NWE polypropylene prices slide on oversupply, low demand Nov 18,2011
Contract and spot prices for polypropylene in Northwest Europe extended their downward spiral this week, dragged by inventory overhang and low demand, industry sources said. Gross contract values for November consolidated at Eur1,255-1,260/mt FD NWE for homo injection and Eur1,305-1,310/mt for copolymers, down Eur55/mt ($74/mt) from October and...>>>
GGC resists PVC price change for Nov-Dec, Jan up 3 cts/lb Nov 18,2011
Petrochemical producer Georgia Gulf will keep its prices unchanged for suspension-grade PVC resins for November and December of this year, by will increase prices 3 cents/lb effective January, the company said in a letter sent to its customers Thursday. "Although we are all currently facing a challenging and uncertain market, we feel that this p...>>>
German gas imports in September average Eur25.20/MWh: BAFA Nov 18,2011
The average price of gas imported into Germany in September was Eur7,008.69/Terajoule, or around Eur25.20/MWh, according to new data from German customs agency BAFA released Thursday. That was down 50 euro cent from Eur25.70/MWh the previous month. The average Platts NetConnect Germany day-ahead price for the same month was Eur23.44/MWh, show...>>>
NYMEX December gas rises 6.6 cents on small storage build Nov 18,2011
The NYMEX December natural gas futures contract broke its six-session losing streak, closing up 6.6 cents at $3.41/MMBtu Thursday after the US Energy Information Administration estimated a smaller-than-expeted gas storage build. EIA estimated an injection of 19 Bcf to stocks for the week that ended Friday, below analysts consensus projections of...>>>
Midwest WTI cracking margins tumble as WTI/Brent narrows Nov 18,2011
Midwest WTI cracking margins sank Wednesday to their lowest level since mid-January on a tightened WTI/Brent spread and on refined product price weakness. The Midwest WTI cracking margin fell $4.71 to $8.54/barrel Wednesday, according to Platts data and Turner, Mason & Co crude yield formulas, the lowest since January 20, when the margin closed ...>>>
Midcontinent refiners not in bad shape despite share price drop: analysts Nov 18,2011
US Midcontinent refiners are not in as bad shape as the recent drop in share prices and margins makes them out to be following the Seaway pipeline reversal announcement, analysts and market watchers said Thursday. The unusually wide WTI-Brent spread that discounted WTI-priced crude purchases was already deemed unsustainable, though it has collap...>>>
Poland's Pulaway, Tarnowie-Moscicach eye new caprolactam plant in Asia Nov 17,2011
Poland's Zaklady Azotowe Pulaway and Zaklady Azotowe w Tarnowie-Moscicach have signed an agreement to build a new caprolactam plant in Asia, the companies announced late Monday. "The location of the planned plant -- we are thinking of China or Taiwan -- should allow us to source raw materials and energy on favourable terms, thus maintaining the ...>>>
LyondellBasell to shut Aubette LDPE plant for 2 weeks in Dec: sources Nov 17,2011
LyondellBasell will close its 320,000 mt/year low density polyethylene plant at Aubette in France from December 1 for two weeks, industry sources said Wednesday. The company's spokesman declined to comment. The industry sources said the plant would be shut to draw down inventories. Poor demand amid the backdrop of the European debt crisis has...>>>
US sending MEG to China on year-end inventory reduction in Texas Nov 17,2011
US MEG exporters were offering cargoes to China as part of an annual inventory reduction to avoid paying annual county inventory taxes in Texas of 2.75%, industry sources said Wednesday. Specifically, companies in Texas are assessed a 2.75% tax in certain counties -- including Harris County, where the Houston Ship Channel is located -- on Decemb...>>>
Future European gas from LNG or conventional sources, not shale: poll Nov 17,2011
Delegates at a major European gas conference Wednesday doubted shale gas would be a "game changer" in the future. In an opinion poll taken at the European Autumn Gas Conference in Paris surveying hundreds of delegates regarding how gas supplies to Europe would evolve over the coming two decades, opinion was split whether LNG supply would grow, ...>>>
Argentina to scrap gas and power subsides for the rich, and big companies Nov 17,2011
Argentina plans to eliminate subsidies on natural gas and power supplies for wealthy residents and also scrap 100% of the subsidies paid to the biggest companies in oil refining, biofuel production and natural gas processing, senior government officials said Wednesday. The move will do away with subsidies for the 40 biggest companies in these s...>>>
Oil prices to remain over $100/b for 'some time': BP economist Nov 17,2011
Oil price will likely remain at current levels at above $100/barrel for "some time" if a new global economic slowdown is averted in the short term, BP chief economist Christof Ruhl said Wednesday. "There will be a period of muddling through, but the most likely outcome, if the economy is not collapsing, is for oil prices in the current regions f...>>>
Weakening WTI spreads makes Cushing to USGC barge less attractive: terminal operator Nov 17,2011
The substantial weakening of the LLS/WTI spread will likely end the movement of crude barges from near the NYMEX hub in Cushing, Oklahoma, to the US Gulf Coast, a terminal operator said Wednesday. Petro Source Terminals, an operator at the Oklahoma port of Catoosa, about 70 miles east of Cushing, continues to ship barges of light sweet crude to ...>>>
We'll all be in the pink in 2012, according to RAL Colours Nov 16,2011
While the UK economic outlook may be anything but rosy, colour trends in plastic next year will include bubblegum pink, according to RAL Colours. Launching its trend book for next year, Colour Feeling 2012+, produced in colloboration with trend agency The Future Laboratory, the German-based colour standard organisation believes the theme for 201...>>>
S Korean GS Caltex's petchems Q3 operating income up 125% on year Nov 16,2011
GS Caltex, South Korea's second-largest oil refiner, said Tuesday that operating profit of its petrochemicals segment soared 125.3% year on year to Won 199.9 billion ($177.7 million) in the third quarter, from Won 88.7 billion a year earlier. Sales of the petchems business increased 39.2% year on year to Won 1.37 trillion, from Won 986.4 billio...>>>