Chemical News
-
Equitrans gets green light to build 41-mile Marcellus Shale gas pipe Jul 22,2011
The US Federal Energy Regulatory Commission on Thursday gave Equitrans approval to build a pipeline in West Virginia and Pennsylvania that would provide an extra 313,560 Dt/d of capacity for moving Marcellus shale gas to markets in the Northeast and Mid-Atlantic. In January, Equitrans asked for permission to build the Sunrise Project, which will...>>>
Greek economic worries lead to re-assessment of oil trading terms Jul 22,2011
Economic uncertainty in Greece has lead to a shift in trading relationships some companies are having with Greek companies, trading sources said Thursday. Oil is traded in a number of ways including with open credit lines and also with letters of credit supported by banks. The economic uncertainty has lead to some companies shifting away from...>>>
Platts analysis: China's June oil demand growth lowest so far in 2011 Jul 22,2011
China's apparent oil demand rose a slim 0.5% year on year in June to 36.92 million mt, or an average of 9.01 million b/d, as a heavy maintenance program during the month curtailed consumption, according to Platts' analysis based on recent statistics released by the government. The year-on-year increase of 0.5% was drastically slower than growth ...>>>
China's oil product inventories slid 3% by end Jun Jul 22,2011
Oil product inventories in China marked an on-month fall of 3% by the end of June, according to data released by China National Petroleum Corporation. The inventories dropped 7% for gasoline, slipped 1% for gasoil and up 1.3% for kerosene. Gasoline and gasoil inventories are equal to about 33-day and 24-day consumption, respectively. Crude...>>>
Gasoline export earnings rise on higher Singapore prices Jul 22,2011
Gasoline export revenues for Chinese exporters increased as Singapore gasoline prices went up, C1's research found. In Singapore market, FOB price of 92-Ron gasoline, which has similar specifications with 93-Ron gasoline in China, was US$123.7/bbl on average during Jul 8-21, versus the average of US$116.5/bbl two weeks ago. Chinese refineries co...>>>
China's commercial crude inventories climb 3.2% in Jun Jul 22,2011
China's commercial crude inventories at the end of June climbed 3.2% month-on-month, according to the data released by China National Petroleum Corporation. The country's crude throughput in June declined to 35.55-mil mt, down by 7.58% from the previous month, showed the data from the National Bureau of Statistics. This was because of converging...>>>
US benzene prices hit 10-week high on fundamentals and speculation Jul 21,2011
HOUSTON-US benzene spot prices have hit a 10-week high on a combination of stronger energy prices, lower benzene production rates and position taking ahead of August contract settlements, trade sources said on Wednesday. One aromatics broker even suggested Tropical Storm Bret, which was forecast to move away from the Bahamas earlier this week, w...>>>
Japan's Mitsui inks JV with US Dow Chemical for Brazil ethanol venture Jul 21,2011
Japan's Mitsui and Co. and US petrochemical producer Dow Chemical have entered into a joint venture agreement to build ethanol and biopolymers plants in Brazil, the companies announced in separate statements Wednesday. Under the agreement, Mitsui will acquire a 50% stake in Dow subsidiary Santa Vitoria Acucar e Alcool, which operates a sugar pl...>>>
German June chemical producer prices rise 7.3% on year: Destatis Jul 21,2011
German chemical producer price inflation remained high in June at 7.3% year-on-year even though feedstock cost pressures eased, data from the Federal Statistics Office (Destatis) released Wednesday shows. Price inflation for light naphtha slowed to 36.5% on an ex-works basis from over 40% in May, while the cost of liquefied petroleum gas for use...>>>
USAC ethanol hits highest year-to-date level on renewed interest Jul 21,2011
US Atlantic Coast spot fuel ethanol prices Wednesday hit their highest level year-to-date, with sourcing pegging New York Harbor July-delivered barges at $3.03/gal on sustained buying interest following legislative efforts to end the 45 cents/gal federal blending credit by month's end. In early July, three US senators proposed to axe the nearly ...>>>
Australia's Dart Energy signs gas sales deal on UK CBM project Jul 21,2011
Australia's Dart Energy has signed its first gas sales agreement on its PEDL 133 coalbed methane project in Scotland with one of the "big six" UK utilities with over nine million retail customers, the company said Wednesday. The sales agreement with Scottish and Southern Energy is for five years, starting April 2013, and extendable by mutual agr...>>>
New York spot gas prices jump as much as $2.30 on extreme heat Jul 21,2011
Spot natural gas prices around New York and New England rocketed up more than $2 at some points, ignited by near triple-digit heat in the demand area. Prices for Transcontinental Gas Pipe Line zone 6-New York shot up about $2.30 to top $9/MMBtu in early trading on the IntercontinentalExchange, continuing a sharp rise on a recent heat wave that i...>>>
China CNOOC says to acquire oil sands developer Opti Canada for $2.1 bil Jul 21,2011
China's offshore oil and gas producer CNOOC Ltd said Wednesday that its subsidiary CNOOC Luxembourg has entered an agreement to acquire oil sands developer OPTI Canada for approximately $2.1 billion. The transaction is expected to be completed in the fourth quarter of this year, subject to government and regulatory approvals, CNOOC said in a sta...>>>
Saudi Arabia delivers 500,000 barrel crude cargo to Yemen: report Jul 21,2011
Saudi Arabia has delivered 500,000 barrels of crude oil to Yemen, the fourth shipment of a Saudi oil grant to its southern neighbor, with two more cargoes due to arrive to complete the total pledge of 3 million barrels of Saudi oil to help Yemen cope with a severe fuel shortage. Official Yemeni news agency SABA said another cargo of Saudi crude ...>>>
USGC residual fuel oil stocks, production fall despite higher crude runs: EIA Jul 21,2011
US Gulf Coast residual fuel oil stocks fell by 32,000 barrels to 19.20 million barrels for the week ended July 15 despite increases in regional crude oil inputs, according to weekly data released by the US Energy Information Administration. USGC crude oil inputs increased by 10,000 b/d, to 7.58 million b/d, and USGC production fell by 49,000 b/d...>>>
Sinopec Guangzhou Petchem's 1-mil-mt/yr reformer catches fire Jul 21,2011
A 1-mil-mt/yr reformer at Sinopec Guangzhou Petrochemical took fire Wednesday afternoon, but impact is estimated to be limited, a source with the refinery told C1. "It is just a small accident, which may not affect crude runs," said the source. However, "to prevent further accidents, the 1-mil-mt/yr reformer may go into brief maintenance. Hen...>>>
LPG deep processing margins ascend in Shandong on rises in product prices Jul 21,2011
LPG deep processing plants in Shandong Province could get more margins as prices of their products increased. Based on ex-refinery price of 93-Ron gasoline, LPG deep processing plants equipped with aromatic units in Shandong Province could reap Yuan 445/mt of margin on average in theory Wednesday, up by Yuan 128/mt from one week ago, C1 estimate...>>>
CFR Shandong premiums for SRFO cargoes down on weak demand Jul 21,2011
The CFR premiums for straight-run fuel oil (SRFO) to be delivered to Shandong in August-September have declined from levels for July, because of weak demand, C1 learned from SRFO traders. Most traders estimated the CFR premiums for August-delivery M100 fuel oil at about US$55/mt, down by US$3/mt from those for July. "The market for August-delive...>>>
CNOOC restarts 2-mil-mt/yr catalytic reformer at Huizhou refinery Jul 21,2011
CNOOC is operating a 2-mil-mt/yr catalytic reformer smoothly at its Huizhou refinery after restarting the unit on Jul 16, revealed a refinery source. However, 1-mil-mt/yr aromatics extraction unit remains under maintenance, with resumption date unfixed, according to the source. Crude throughput of Huizhou refinery is currently rising towards ...>>>
Heavy rains force S Korean Kumho to cut runs at two solvent lines Jul 20,2011
South Korea's Kumho P&B Chemicals has been operating its solvents lines at Yeosu at about 70-80% of capacity since July 6, a source close to the company said Tuesday. The run cuts followed flooding caused by heavy rains and a disruption in steam and power supply, the source said, adding that the company hoped to ramp up to full capacity again by...>>>