Chemical News
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Taiwan's CPC runs No. 5 steam cracker at 85-90% after weekend restart Sep 27,2011
Taiwan's state-owned CPC is currently running its No. 5 naphtha-fed steam cracker in Kaohsiung at around 85-90% of capacity following a restart over the weekend, company sources said Monday. The cracker, is able to produce 500,000 mt/year of ethylene and 250,000 mt/year of propylene, was shut August 10 for a scheduled turnaround. With this ma...>>>
Europe exports ethylene to Venezuela on faltering local demand Sep 27,2011
As the European ethylene supply continued to outpace demand, producers were prompted to explore export options, sources said. Shipping reports showed two cargoes fixed from Europe to Venezuela. A 4.5kt cargo for 20-25 September loading was fixed from Italy and a 5kt cargo end September loading was fixed from ARA. Sources pegged FOB prices a...>>>
Chevron approves Australia's A$29 bil Wheatstone LNG project Sep 27,2011
US major Chevron will begin work immediately at its Wheatstone LNG project in Western Australia after making a final investment decision on the A$29 billion ($28.4 billion) project, the company said Monday. The Chevron-operated project involves the development of offshore gas reserves in the Carnarvon Basin and the construction of two LNG produc...>>>
UK GAS: Prompt, curve plunge on easing LNG concerns, lack of demand Sep 27,2011
Full storage, weak demand from Europe and an easing of concerns about LNG shortages caused prompt prices and front curve contracts to plunge Monday morning on the UK NBP gas trading hub. Concerns of a shortage of LNG supplies had been supporting the market, but opinion may be shifting, a trader said. "The signs are good that there will be ple...>>>
US regular retail gasoline price falls 9.2 cents to $3.509/gal: EIA Sep 27,2011
The average US retail price for regular gasoline dropped by 9.2 cents to $3.509/gal in the survey week ending Monday, according to Energy Information Administration data. The national average is 81.5 cents higher than a year ago. Retail prices fell in all US regions, with the biggest declines in the Midwest and Gulf Coast. The Midwest average...>>>
European jet cargo outright price falls to 7-month low Sep 27,2011
The continued slide in the ICE gasoil futures contract Monday brought European jet cargo prices to a 7-month low. CIF Northwest European cargo prices fell by $2.75/mt Monday to be valued at $963/mt, the lowest they have been since February 18 when Platts assessed the European cargo market at $951.50/mt, Platts data shows. The drop occurred de...>>>
PetroChina Fushun Petchem likely to boost daily crude throughput by 25% in Oct Sep 27,2011
PetroChina Fushun Petrochemical plans to process 620,000mt of crude in October, with daily throughput up by about 25% month on month to 20,000mt, according to a source with the refinery. The refinery resumed normal production after completing temporary maintenance of a 1.5-mil-mt/yr residue fluid catalytic cracker (RFCC) on Sep 24, the source ex...>>>
China boosts Aug gasoil imports by 61% on month: GAC Sep 27,2011
China imported 249,679mt of gasoil in August, sharply up by 61% from the previous month, according to the latest data from the General Administration of Customs. The country increased gasoil imports as domestic output dropped amid refinery maintenance in the month and demand was expected to grow in September. PetroChina and Sinopec boosted ga...>>>
Share of crude imports from Africa drops below 25% in Jan-Aug: GAC Sep 27,2011
China imported accumulatively 41.4-mil mt of crude from Africa in January-August, accounting for 24.84% of the total, data from the General Administration of Customers (GAC) showed. The volume was down by 14.4% from the same period last year. West Africa-origined crude is of lower price-performance ration compared with crude from the Middle E...>>>
Europe olefins quiet ahead of 'critical' Oct contract discussions Sep 26,2011
LONDON-There is limited activity on the spot European olefins-ethylene and propylene-markets ahead of the upcoming October monthly contract settlements, industry sources said on Friday. Ethylene and propylene spot markets are traditionally slow during contract negotiations, as players like to wait and see the outcome before committing to volumes...>>>
China's Aug propylene imports rise 40% on year due to cracker turnarounds Sep 26,2011
China's propylene imports in August totaled 145,649 mt, a 40% spike from the 103,703 mt received in the same month of 2010, data released Thursday by Chinese customs showed. The rise was due cracker turnarounds in China and higher imports from several countries whose own demand for propylene decreased due to downstream outages. In early Augus...>>>
North Sea propane prices plunge to 11-month low amid oversupply Sep 26,2011
Propane prices have fallen to an 11-month low this week, reacting to heavy losses in ICE Brent crude and arbitrage inflows from the Middle East, sources said Friday. The price of delivered propane cargoes in the North Sea were assessed down $35/mt at the close Thursday at $772.50/mt, marking an 11-month low after being assessed at $772.50/mt on ...>>>
US spot styrene hits 2011 low on poor demand, lower feedstocks Sep 26,2011
US styrene prices hit their lowest levels in 2011 this week as derivative demand softened and falling feedstock values forced spot styrene lower. On Thursday, spot values were assessed at 60 cents/lb, the lowest level since January 3 when the price was assessed at 60.30 cents/lb. However prices have continued to move south and are poised to hit...>>>
Two US agencies and Afghan government agree private-public gas project: OPIC Sep 26,2011
Two US federal agencies and the government of Afghanistan concluded an agreement Thursday for a power-generation project with related gas-field development in Afghanistan that has been "years in the making," according to the US' Overseas Private Investment Corporation. The US parties involved in the $600-million, 200-MW project include OPIC, the...>>>
Marcellus expansions to drive US winter gas-supply growth: Bentek Sep 26,2011
Pipeline expansions in the US Northeast will unlock supplies of natural gas from the Marcellus shale, in large part driving a small uptick in production that is expected by the end of 2011, analysts from Bentek said Friday in their winter forecast. Nearly 600,000 Mcf/d of new capacity will be added in November to Tennessee Gas Pipeline's 300 leg...>>>
Niobrara shale to reach 350,000 b/d in 2016, overwhelm pipelines Sep 26,2011
While the Niobrara shale, an emerging unconventional play in the Rocky Mountains, won't pack the punch of the Bakken, it could develop into a 350,000 b/d producer of crude by 2016, an industry expert said Friday. And the projected 200% growth over five years from the play's current 112,000 b/d is likely to overwhelm projected pipeline capacity,...>>>
NYMEX crude settles down 66 cents, at lowest level in more than a month Sep 26,2011
NYMEX November crude futures settled 66 cents lower at $79.85/barrel -- the first time the front-month contract closed below the $80/b level in more than a month -- capping a week of sharp losses marked by growing concerns about the global economy. Since late last week, the front-month contract has lost more than $8/b. October heating oil set...>>>
PetroChina to put on stream 5-mil-mt/yr expansion project at Ningxia Petchem end Oct Sep 26,2011
The 5-mil-mt/yr expansion project of PetroChina Ningxia Petrochemical is expected to start commercial operation at the end of October, with construction complete recently, a refinery source said. The project includes a 5-mil-mt /yr crude distillation unit, a 2.6-mil-mt/yr fluid catalytic cracker, a 900,000-mt/yr continuous reformer, a 1.6-mil-mt...>>>
China may cut oil product retail ceilings in early Oct if crude prices stay low Sep 26,2011
China may cut the retail ceilings of gasoil and gasoline in early October if Brent is largely stable at current levels that are relatively low, right after the holiday for the National Day (Oct 1-7), C1 forecast. Brent dropped sharply and closed on US$105.49/bbl on Sep 22, down by 4.4% from the previous day because of worry of a new recession. I...>>>
Domestic fuel oil freight grows on stronger demand in late Sep Sep 26,2011
The freight rates for delivering fuel oil from northern China to southern China rose in late September, thanks to the rise in shipping demand, according to shipping sources. For 3,000-DWT oil tankers to move from Dalian in northeast China to Huangpu in south China, with fuel oil storage heated to around 60°C, the freight rates were at Yuan 200-2...>>>