Chemical News
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US Gulf Coast distillate differentials slip on export dip Nov 07,2011
US Gulf Coast distillate spot markets slipped Friday, with the export market seen calming down despite the widening of an arbitrage to Europe. Platts assessed ULSD down about a quarter-cent on a new Colonial Pipeline cycle to NYMEX December heating oil futures minus 25 points/gal. It traded 10 times for 325,000 barrels, with Valero and Shell doi...>>>
Taiwan's FCFC eyes restart of 600,000 mt/year SM units late Nov Nov 04,2011
Taiwan's Formosa Chemicals & Fibre Corporation may only be able to start its No. 1 and No. 2 styrene monomer plants at Mailiao late November, a company source said late Wednesday, but he noted that this was not confirmed. The two plants, with a combined capacity of 600,000 mt/year, have been shut since May 12 due to a fire at an LPG pipeline at ...>>>
European polyethylene converters seek to trace ethylene's fall for Nov contract prices Nov 04,2011
European polyethylene converter sources this week said they were seeking contract price reductions in November, tracing a fall in the feedstock ethylene. The European ethylene CP fully settled last week at Eur1,095/mt ($1,510/mt) FD NWE, a fall of Eur20/mt on the back on softer naphtha costs and a slow ethylene-derivative offtake. Producers...>>>
Brazil's Nov ethylene CP flat amid plant turnarounds Nov 04,2011
Ethylene contract prices in Brazil for November were flat over October following stability in the European price, said a source. The monomer contract price in the Brazilian domestic market for October was heard at around $1,650/mt FOB. The Brazilian CP last moved from September to October, up approximately $80/mt to $1,650/mt FOB. Brazilian e...>>>
US EPA releases final plan for study of fracking impact Nov 04,2011
The US Environmental Protection Agency on Thursday released the final plan for its multi-year research into the environmental effect of hydraulic fracturing, which the agency expects to complete in 2014. The 190-page plan outlines steps EPA has taken since March 2010, when it began -- at Congress' direction -- to study the potential impact of fr...>>>
NYMEX December gas futures contract settles 2.9 cents higher Nov 04,2011
The NYMEX December natural gas futures contract settled Thursday at $3.778/MMBtu, 2.9 cents above Wednesday's $3.749/MMBtu close, on expectations that the arrival of winter is imminent. Despite bearish storage data, the market is finding some support from the lows, said PFGBest analyst Phil Flynn. Thursday's market is a "victory for the bull...>>>
Returning refineries set to relieve NWE diesel supply constraints Nov 04,2011
The return in December of a number of European refineries from scheduled turnarounds should provide some relief to an ultra low sulfur diesel market struggling to find enough product to meet demand, market sources said Thursday. "Right now it's a seller's paradise as there are four or five people that need product that will have to pay up," one ...>>>
High spot Los Angeles CARB diesel prices prompt import talk Nov 04,2011
A booming spot market for Los Angeles CARB diesel has spurred talk of distillate imports to the West Coast, just months after the region reached a near-record level of exports. The differential for the California grade of ultra low sulfur diesel was assessed Wednesday at NYMEX December heating oil futures plus 40 cents/gal, its highest level sin...>>>
US October ethylene settles at 54 cents/lb, down 0.50 cent/lb Nov 03,2011
HOUSTON-US ethylene for October settled at 54 cents/lb ($1,190/tonne, €869/tonne), down from September's settlement of 54.50 cents/lb, market sources said on Wednesday. Ethylene fell slightly because of a drop in spot prices, which more than offset an increase in ethane costs, sources said. The US ethylene contract usually settles at t...>>>
South/East China solvent-MX spread widens sharply on low stocks in south Nov 03,2011
The spread between solvent-grade mixed xylenes in South and East China has widened to Yuan 850/mt this week, from more typical levels of less than Yuan 300/mt, due to tight supply in the south, market sources said Tuesday. The spread has been widening since October 10 when the Chinese market resumed after a week-long holiday, sources said, notin...>>>
Germany's Evonik to buy pharmaceutical unit of US SurModics Nov 03,2011
German specialty chemicals group Evonik has agreed to acquire the pharmaceuticals business of US-based SurModics Inc for $30 million in cash, the companies said in separate statements Wednesday. Evonik said the acquisition, which is expected to close shortly, is part of its move to develop its healthcare business. SurModics Pharmaceuticals, b...>>>
Styrolution targets Eur15/mt decrease in NWE November polystyrene Nov 03,2011
Styrolution will target a Eur15/mt decrease in November polystyrene general purpose prices in an effort to increase margins, the company announced Wednesday. In addition, the company said it would target a high-impact PS premium over GPPS at Eur145/mt. October net PS contracts were settled at Eur1250/mt FD NWE, while the GPPS-HIPS spread was ...>>>
US November paraxylene CP settles down 6 cents/lb at 74 cents/lb Nov 03,2011
The US paraxylene contract settled down 6 cents/lb ($132/mt) to 74 cents/lb ($1,630.96/mt) for November, a PET maker said Wednesday. Producers had yet to confirm the contract. The decrease in the US came on the heels of lower contracts in Asia and Europe. Asia's PX CP settled at $1,500/mt CFR, down $120/mt from the partial settlement in Oct...>>>
Russia confirms 2017 target for gas pipeline supply to S.Korea: report Nov 03,2011
Pipeline supplies of Russian gas to South Korea are expected to start in 2017, Gazprom CEO Alexei Miller reiterated Wednesday following talks between Russia's President Dmitry Medvedev and his South Korean counterpart Lee Myung-Bak in St Petersburg. "Gas cooperation issues have been discussed during the talks, we may expect supplies of Russian p...>>>
Gas spot market volumes reach record highs on APX-ENDEX exchange Nov 03,2011
Traded volumes on the APX-ENDEX gas spot market reached an all-time high in October with 17.82 TWh trades recorded over the month, the Anglo-Dutch exchange said Wednesday. Record highs were heard on both the exchange's UK and Dutch spot markets. The APX-ENDEX Gas UK spot market experienced a record high of 15.37 TWh (525 million therms) traded v...>>>
CME says 662,000 barrels RBOB, 1.186 mil barrels heating oil for Nov delivery Nov 03,2011
Some 662,000 barrels of RBOB and 1.186 million barrels of heating oil are set for delivery against the respective recently expired NYMEX November RBOB and heating oil contracts, according to the CME Group Wednesday. The latest RBOB deliveries reflected a 55,000-barrel rise from October; the November heating oil deliveries pointed to a 745,000-ba...>>>
US will have one shot to inspect Repsol rig before Cuban drilling: officials Nov 03,2011
The US will get one shot to inspect the rig Repsol will use to drill a deepwater well off the coast of Cuba next year, but will have no authority to force the company to make any changes if problems are found, witnesses told the House Natural Resources Committee Wednesday. Officials from the US Coast Guard and the Bureau of Safety and Environmen...>>>
ChemNet has been welcomed by international enterprises in Downstream Asia 2011 Nov 02,2011
Downstream Asia 2011 is the anchor oil & gas event at the Singapore International Energy Week - where over 350 and 15,000 attendees respectively are expected during this special week. As China's market for crude products is growing at a significant pace and China is ramping up its refining capacity, the conference has dedicated a focus day espe...>>>
Asia naphtha-propane spread dips to 7-month low on steady LPG prices Nov 02,2011
The price spread between Platts assessed front-month Mean of Platts Japan naphtha swaps and CFR Singapore-Japan propane cargoes for delivery 30-45 days forward, crunched to a seven-month low Monday, on firm LPG prices and a weak naphtha, Platts data showed. Led by firm propane prices as the market goes into peak heating demand season and a lackl...>>>
NWE propane/naphtha price spread widens slightly on weaker propane Nov 02,2011
The spread between delivered prices of large cargo propane and naphtha has widened out again slightly this week, with only limited demand from the traditional heating sector for propane, according to sources. Platts assessed the spread between the two products -- which is a measure of the competitiveness of propane as an alternative feedstock to...>>>