Chemical News
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Major refineries' refining margins improve further on lower feedstock costs Jul 14,2011
Refining margins for major refineries in China continued rising as international crude prices plunged from high levels since end April. Based on integrated ex-refinery prices of oil products, the margin for refining Daqing crude stayed at a historic-low level of minus Yuan 402/mt (equivalent to minus US$8.41/bbl) on Jul 13, versus minus Yuan 418...>>>
US expects oil and natgas prices to increase in 2012 Jul 13,2011
WASHINGTON-The US Department of Energy (DOE) said on Tuesday that it expects that a recent dip in oil and natural gas prices will not last and that costs for both commodities would likely increase in 2012. The department's Energy Information Administration (EIA) said that the 23 June decision by the Obama administration to release some 30m bbl o...>>>
Japan's June ethylene output falls 5% as steam crackers face problems Jul 13,2011
Japan's ethylene production in June fell 5.2% from May to 524,400 mt as several naphtha-fed steam crackers were shut due to technical problems, latest data released Tuesday by the Ministry of Economy, Trade and Industry showed. Compared with June last year, ethylene production was up 3.1%. Tonen Chemical restarted its naphtha-fed steam crac...>>>
NWE spot benzene prices stable as arbitrage opens to USGC: sources Jul 13,2011
Spot Northwest European benzene prices were holding their value Tuesday afternoon, despite a softer energy complex, as the market was being supported by firm US Gulf Coast values bringing arbitrage opportunities, sources said. Throughout Tuesday morning, sources reported the July market at a range of $1,115-1,130/mt for 1,000 mt CIF ARA barges, ...>>>
Brazil's European naphtha imports could rise by up to 100,00 mt/month Jul 13,2011
Uncertainty surrounding the changes to ethanol content in Brazilian gasoline could mean naphtha imports from Europe increasing by up to 100,000 mt/month, trading sources said Tuesday. "There is talk about changes to the gasoline blend but a lot of uncertainty around the reduction of ethanol that some say will be enforced between August and Novem...>>>
US propylene CP talks leaning toward 4-cent/lb drop for July Jul 13,2011
US propylene contracts were dropping for a second consecutive month, with contract players leaning heavily toward a 4-cent/lb decrease for July, market sources said this week. Those sources cautioned, however, that as of Tuesday there was no market-wide settlement as at least one producer had yet to agree to it. "There have been some discussi...>>>
EU regulators launch consultation on internal gas market model Jul 13,2011
European energy regulators Tuesday launched a public consultation on proposals for the EU's internal gas market model. The model is based on the results of four public workshops and bilateral discussions with stakeholders and recommends hub to hub trading with just five to six traded areas as the best way to achieve an EU internal gas market. ...>>>
Chesapeake to invest $1 bil for natural gas fuels, NGV stations Jul 13,2011
Saying it wants to break OPEC's "stranglehold" on the US economy while creating jobs, the US' top natural gas producer said Monday it is forming a venture capital-like unit to invest more than $1 billion on transportation fuels derived from natural gas and a filling-station system to dispense them. Oklahoma City-based Chesapeake Energy said it h...>>>
OPEC sees call on its crude rising to 30.28 million b/d in 2012 Jul 13,2011
World oil consumption is expected to rise by 1.32 million b/d in 2012 as the global economy expands by 4.1%, boosting demand for OPEC crude, OPEC said Tuesday in its latest monthly oil market report. Global oil demand is expected to average 89.5 million b/d in 2012, up from 88.18 million b/d in 2011, OPEC said. Growth is expected to remain st...>>>
Large oil companies' US refining capacity down 10% in 30 months: analysts Jul 13,2011
Large integrated oil companies have reduced their US refining capacity by nearly 10% in the past 30 months, and could reach as low as 20.245 million b/d by the end of the year, from 23.653 million b/d at year-end 2010, as they follow a path of "dis-integration," according to a Raymond James investor note issued on Monday. "While the companies th...>>>
Laizhou Dongfang Petchem Storage likely to bring 230,000-cu-m tanks on line around Oct Jul 13,2011
Shandong-based Laizhou Dongfang Petrochemical Storage Co Ltd is likely to start operation of 230,000-cu-m oil tanks around October 2011, according to a source with the tank farm. These tanks comprise four 50,000-cu-m tanks for crude and heavy oil in combination and three 10,000-cu-m ones for oil products, the source said. The construction of the...>>>
New jet pricing regime may signal further reform in oil product pricing mechanism Jul 13,2011
The linkage of domestic jet ex-refinery prices with international prices may indicate a speed-up in perfection of gasoline and gasoil pricing mechanism, some market sources showed their optimism. Oil product prices may be adjusted more frequently, transparently and opportunely, the sources expected. However, some sources still believed the go...>>>
China reforms jet kerosene pricing toward market-oriented trend Jul 13,2011
The National Development and Reform Commission, China's energy watchdog, reforms jet kerosene pricing regime that will adjust price of domestic jet kerosene (national standard) monthly to dovetail with the international market trend, according to a statement released by the NDRC on Jul 12. The new pricing mechanism will take effect as from Aug 1, a...>>>
PTT Asahi Chemical to begin commercial runs at Thai ACN plant end July Jul 12,2011
PTT Asahi Chemical aims to begin commercial production of acrylonitrile at its new chemicals plant in Map Ta Phut, Thailand, by the end of July, a source close to the matter said Monday. The plant has the capacity to produce 200,000 mt/year of acrylonitrile, 70,000 mt/year of methyl methacrylate and 150,000 mt/year of ammonium sulphate. The c...>>>
Petchems absorb most surplus Lavera butane as export demand remain thin Jul 12,2011
Petrochemicals producers continue to absorb most surplus butane at the French Mediterranean port of Lavera as export demand remains thin, according to industry sources Monday. During the summer surplus butane from refineries at Lavera is either used by petrochemicals as an alternative feedstock to naphtha or is exported to North African destina...>>>
Brazil's swap curve shows ethanol may have hit bottom for 2011 Jul 12,2011
Ethanol prices in Brazil may have already reached a bottom for the 2011-12 marketing year, data from Brazilian derivatives clearing house BM&F Bovespa shows. BM&F's cash settled ethanol swaps point to a rise in ethanol prices to Real 1,277.50/cubic meter ($786.85/cu m) in March 2012 from Real 1.172/cu m in July 2011. The prices refer to duty-...>>>
Russia's Gazprom in power cooperation talks with France's GDF Suez Jul 12,2011
The heads of France's GDF Suez and Russia's Gazprom discussed Friday possible "cooperation" in the power sector, as well as covering current issues on the Nord Stream gas pipeline project, the French company said late Friday. GDF Suez CEO Gerard Mestrallet met with Gazprom Chairman Alexei Miller in Paris and also discussed future gas supplies fr...>>>
No universal ban planned for horizontal drilling on federal land: official Jul 12,2011
The US Forest Service does not plan to issue a universal ban on horizontal drilling on federal land, allowing many national forests to remain available for natural gas production, the agency's deputy chief said Friday. "I want to be clear, the US Forest has no policy, nor do we have any plans to develop any policy, to ban horizontal drilling an...>>>
Iran plans to offer first crude oil cargo for sale through bourse Jul 12,2011
The National Iranian Oil Company (NIOC) will Wednesday offer 600,000 barrels of heavy crude oil for sale on the Iran Mercantile Exchange, the first such sale through the offshore oil and commodities market, oil ministry news agency Shana reported Monday. "The base price for this heavy crude oil from the Bahregan oil fields is $115.18/barrel plus...>>>
Malaysia's May crude oil exports fall 33% on year to 1.13 mil mt Jul 12,2011
Malaysian exports of crude oil fell 33% year on year in May to 1.13 million mt (266,000 b/d), but imports dropped further and the country remained a net exporter for the second month in a row, data on the Department of Statistics' website showed Monday. Crude oil imports dropped 61% from the same month a year ago to 346,000 mt, the data showed. ...>>>