Chemical News
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Floods dampen oil product demand in SW. China Sep 22,2011
Floods in Southwest China have weakened gasoil and gasoline demand notably in the past week or so, C1 found. Gasoil and gasoline retail and wholesale trading have become sluggish in Sichuan and Chongqing in Southwest China, which have been affected most significantly by floods. However, oil product deliveries into these places have also been...>>>
E. China fuel oil inventory builds 31.4% to 460,000mt Wed: on week Sep 22,2011
The commercial inventory of fuel oil in major tank farms in East China totaled 460,000mt on Wednesday, up by 110,000mt or 31.4% from a week ago, according to C1's research. The stock accounts for 42.5% of the total storage capacity, a rise of 13 percentage points from a year ago. Aoshan oil terminal held 260,000mt of fuel oil, up by 80,000mt ...>>>
S. China fuel oil inventory falls slightly to 1.97-mil mt Sep 22,2011
The commercial fuel oil inventory of major oil terminals in South China was 1.96-1.98-mil mt in total as of Sep 21, down by 20,000mt from a week ago, 390,000mt higher than a year earlier, C1 research showed. The inventory takes up 72% of the total storage capacity of the terminals. About 35,000mt of fuel oil was channeled out from the terminals...>>>
Asian benzene discount to toluene widens to 2.5-year low Sep 21,2011
Asian benzene's discount to toluene sank widened to a 2.5-year low Tuesday morning, with the spread pegged at minus $44/mt, $17/mt wider from the day before, Platts data showed. The last time the discount was this wide was March 25, 2009, when it was assessed at minus $62.50/mt. As benzene needs to be at a premium of $100-120/mt to toluene for o...>>>
BASF seeks Eur300/mt increase in global engine coolants prices Sep 21,2011
BASF will target a Eur300/mt ($411/mt) increase in worldwide engine coolants prices with immediate effect, the company said Tuesday. The company said it needs to raise prices on higher feedstock costs. Engine coolants require chemicals such as glycols and methanol, which have increased in price during the third and fourth quarters of 2011. ...>>>
NWE benzene premium to naphtha below $100/mt on supply overhang Sep 21,2011
The premium of Northwest European benzene to upstream naphtha fell to below $100/mt for the first time since April 6, 2009 Tuesday morning with excess length and low demand weighing on the benzene market, sources said. Spot prices for September were initially seen at a bid-offer range of $1,020-1,030/mt for 1,000 metric tons CIF ARA barges, whil...>>>
Asian PE offers to Peru drop $40-50/mt from August Sep 21,2011
Asian polyethylene offers in September for Peru went down $40-50/mt compared to August, an importer said Tuesday. "The tendency could be that in the next few months we'll see lower polyethylene offers from Asia due to the fact that no one wants to have inventories at the end of the year," said the buyer. For volumes of 100-200mt, September ...>>>
NPC calls for 'prudent' development of abundant N. American oil, gas Sep 21,2011
North America has abundant natural gas and oil resources that can last for decades, but they must be developed in an environmentally responsible way, a two-year study the National Petroleum Council released Thursday said. The study also concluded that opening up new offshore areas for exploration and the increasing ability to access tight oil so...>>>
West Virginia gas industry blasts proposed Marcellus Shale permit fees Sep 21,2011
A proposed permit fee for drilling in West Virginia share of the Marcellus Shale formation will hurt the state as its competes with Pennsylvania for investment, the head of the West Virginia Oil and Natural Gas Association said Tuesday. The association's executive director, Corky DeMarco, said a proposed fee of $10,000 for a first well permit an...>>>
European court upholds part of Yukos complaint against Russia Sep 21,2011
The European Court of Human Rights ruled Tuesday that Russia treated the defunct Russian oil giant Yukos unfairly in some of its tax proceedings against the company, but cleared the Russian authorities of trying to deliberately destroy Yukos and seize its assets. In a long-waited judgment which is not final and does not deal with the question of...>>>
US crude stocks jump as imports, production recover: API Sep 21,2011
US crude stocks rose by 2.574 million barrels, to 346.73 million barrels the week ended September 16, as imports and production recovered, offsetting an increase in crude runs, data released by the American Petroleum Institute showed Tuesday. US crude production climbed to 5.14 million b/d from 4.59 million b/d, likely because of a recovery in t...>>>
Stricter government restriction may slow refining projects in Bohai Ring region Sep 21,2011
Construction schedules of refining projects in the Bohai Ring region may be delayed as the central government focuses more on the environment in this region, according to refinery sources. "Environmental evaluation may take more time, because a more detailed and environment-friendly design is required,” said an official participating in the asse...>>>
China's commercial crude inventories climb for third consecutive month in Aug Sep 21,2011
China's commercial crude inventories climbed for the third consecutive month in August, gaining 2.0% month on month, according to the data released by China National Petroleum Corporation. China boosted crude imports by 8.29% to 21.04-mil mt in August, the data from the General Administration of Customs indicated. Meanwhile, the country's c...>>>
China's oil product inventories drop 1.1% in Aug Sep 21,2011
China's oil product inventories at the end of August declined by 1.1% month on month, showed the data released by China National Petroleum Corporation. Gasoline stockpiles dropped by about 1.2% to a level equal to around 30 days of consumption and gasoil stockpiles fell by 1.7% to a level sufficient for about 21 days of consumption, but kerosene...>>>
Indian BPCL plans petrochemical plant linked to Kochi refinery expansion Sep 20,2011
BPCL, or Bharat Petroleum Corp.Ltd, India's second-largest public sector refinery is looking at diversification into petrochemicals as its plans to expand its Kochi refinery, on India's west coast, from 9.5 million mt/year to 15 million mt/year, chairman R.K.Singh, told reporters at a late evening conference on Friday. BPCL aims to build a nich...>>>
Widening NWE propane-naphtha a 'function of LPG length': traders Sep 20,2011
The widening price spread between propane and naphtha is due to length in the LPG market, sources said, as the October propane-naphtha is trading at minus $125/mt for October Monday. Traders said Monday that a correction to this widening spread "will come", although there is no sign of this happening while propane remains long. Propane and na...>>>
Brazilian ethanol prices fall on lower demand: CEPEA/ESALQ Sep 20,2011
Ethanol prices in Brazil's main center-south producing region fell between September 12 and September 16 as fuel distributors cut purchases on signs of slowing demand, data from Sao Paulo-based research institute CEPEA/ESALQ showed Monday. Excluding duties, hydrous ethanol sold at mills in the state of Sao Paulo edged 0.7% lower for the second c...>>>
Paraguay distributor's PE, PP demand increases 30% in September Sep 20,2011
El Puente, a polyethylene and polypropylene Brazilian distributor in Paraguay, reported a 30% resin demand increase in September compared to August. "At this time of the year customers start to buy for the end of the year festivities, and historically volumes tend to be better until November," said a company source. During September, the Br...>>>
Canadian gas exports up 10.2% in July on waning hydro levels: NEB Sep 20,2011
Canadian natural gas exports to the US rose 10.2% from June to July to around 255.7 million cubic meters/d, according to statistics released by the National Energy Board on Monday. The largest gain in exports was seen at the Monchy point in Sasketchawan, which allows gas to flow mainly to the US Pacific Northwest and down to the West Coast. ...>>>
China Sinopec Yuanba field's proven gas reserves at 159.25 Bcm: report Sep 20,2011
The newly started-up Yuanba gas field in the southwest by China Petroleum & Chemical Corp, or Sinopec Corp, has proven gas reserves of 159.25 Bcm (5.62 Tcf) covering an area of 155.33 sq km, according to a report on Monday by the official Xinhua news agency. The gas find is by far the deepest gas field discovered, the report said, citing informa...>>>