Chemical News
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Americas: Enterprise declares force majeure on propylene: sources Apr 29,2011
Enterprise Products Partners declared force majeure on polymer-grade propylene Wednesday due to feedstock concerns stemming from recent refinery outages in Texas, multiple market sources said. The declaration could last through May, although no allocations were presently in effect, Enterprise said in an e-mail to customers. Power outages idle...>>>
Asia: China coal-fired power generation share to drop to 30% by 2050: study Apr 29,2011
The use of coal-fired power plants in China to generate electricity will drop to as low as 30% by 2050 after the fossil fuel accounted for 74% of the country's electricity generation in 2005, according to a study released Thursday by the US-based Lawrence Berkeley National Laboratory. The forecast is one of many made by the authors of the study,...>>>
Europe: Ukraine, Russia begin talks on amending gas supply agreement Apr 29,2011
Ukraine and Russia on Thursday began formal negotiations on amending the 10-year natural gas supply agreement signed in 2009 in response to Ukraine's persistent demands for lower prices. Ukrainian Energy and Coal Industry Minister Yuriy Boyko traveled to Moscow for a meeting with Gazprom CEO Alexei Miller to begin the talks, Boyko's ministry sai...>>>
Americas: US natural gas resource estimate rises, but customers still wary Apr 29,2011
The Potential Gas Committee Wednesday increased its estimate of US natural gas resources to 2,170 Tcf, an 89-Tcf rise from 2008 that was largely attributed technological advances tied to shale gas. But industry officials involved in the assessment said they still face an uphill battle convincing gas users that ample supply and stable prices are ...>>>
Europe: Supply issue raises prospect of summer strength for European jet fuel Apr 29,2011
Jet premiums have languished through the previous two summer periods, peaking briefly at $65/mt over the front month ICE gasoil contract in June 2009 and plus $58/mt in June 2010, before falling away to seasonal lows of plus $28.75 in August 2009 and plus $43.50/mt in July 2010. Poor demand and an oversupplied market, with stocks extending to fl...>>>
Asia: Japan's March LNG imports up 6.6% on month to 6.67 million mt Apr 29,2011
Japan's March LNG imports were up 6.6% from February to 6.67 million mt but down slightly by 0.6% year-on-year, customs data released Thursday by the Ministry of Finance showed. The largest exporter to Japan was Malaysia, providing 1.56 million mt, up 28.1% year-on-year and 18.3% month-on-month. Australia was second with 1.21 million mt, up 8.1%...>>>
EIA ANALYSIS: Crude stocks soar on surging imports Apr 29,2011
US crude stocks rose a larger-than-expected 6.156 million barrels to 363.125 million barrels as imports surged 1.213 million b/d to 9.266 million b/d the week ending April 22, an analysis of the oil data released Wednesday by the US Energy information Administration showed. Analysts polled by Platts had projected a build of 1.6 million barrels. ...>>>
Shandong independent refineries run at 38.9% Thu, up 1.6 percentage points on week Apr 29,2011
Operating rates of independent refineries in Shandong Province averaged 38.9% Thursday, slightly up 1.6 percentage points from one week ago, 5.9 percentage points higher than a year earlier, C1's research showed. Hualian Petrochemical resumed operation after wrapping up maintenance of a 1.2-mil-mt/yr crude distillate unit, boosting the overall r...>>>
PetroChina lifts May naphtha ex-refinery price by 4.74% Apr 29,2011
PetroChina set May naphtha ex-refinery price for its subsidiary refineries at Yuan 7,055/mt, up Yuan 319/mt from the previous month, according to a source with the oil oligarch. The major has changed its pricing system for naphtha since Sep 1 of 2005, by taking FOB Singapore Mean in the period starting from 26th of the previous month to 25th of ...>>>
PetroChina's Q1 crude throughput surges 16.1%, output up 4.3% Apr 29,2011
PetroChina accumulatively refined 33.85-mil mt (250.1-mil bbl) of crude in the first quarter of 2011, sharply up 16.1% from a year earlier, according to the oil giant's quarterly report. Market sources ascribed the surge to launch of 10-mil-mt/yr Guangxi Petrochemical and expanded capacities of Jilin Petrochemical and Liaohe Petrochemical. Me...>>>
China's Q1 gasoline apparent consumption rises 8.8% yoy to 18.46-mil mt: NBS Apr 29,2011
China recorded 18.46-mil mt of gasoline apparent consumption in the first quarter of 2011, up 8.8% from a year earlier, according to data released by the National Bureau of Statistics. Gasoline demand from domestic end-users keeps robust in the period, market sources denoted. China's car output and sales hit 4.9-mil and 4.99-mil units, represent...>>>
China: 80% of independent refineries face shutdown risk before 2013 Apr 29,2011
About 80% of independent refineries in China faced the risk of closure before 2013 under the lately-released Guidance Catalog for Adjustment of Industrial Structure (2011). According to the guidance catalog, which will take effect from Jun 1, China will shut crude distillate units with annual capacity less than 2-mil mt by the end of 2013. By...>>>
Asia naphtha nears 3-year peak on low deep-sea supply Apr 28,2011
SINGAPORE-Asia naphtha prices are expected to reach a three-year high, as robust global crude futures and reduced deep-sea supply from the West will result in a further upside to price levels, traders said on Thursday. The first-half June naphtha contract rose to $1,099-1,102/tonne (?47-749/tonne) CFR (cost & freight) Japan at 12:00 hours Singap...>>>
Asia: Japan's Asahi Kasei, Saudi Arabia's Sabic in acrylonitrile JV Apr 28,2011
Japan's Asahi Kasei Corp, Mitsubishi Corp and Saudi Basic Industries Corp., or Sabic, will set up a joint venture for the production of acrylonitrile in Saudi Arabia, Asahi Kasei said in a press release Wednesday. The plant will have a capacity of 200,000 mt/year of ACN and 40,000 mt/year of sodium cyanide. Sodium cyanide will be produced from ...>>>
Americas: Braskem raises Andean PP offers $250/mt for May, keeps PE flat Apr 28,2011
Brazil's Braskem increased its polypropylene offers to Andean Countries and Central America $250/mt for May supported by raw material price increases, a company source said. "Propylene prices in Brazil are going up in May following the European and US contract price movements with a month lag, and we felt it was a good moment to pass the increa...>>>
Europe: PET outlook in packaging bright despite price hikes: consultancy Apr 28,2011
Polyethylene terephthalate will continue growing in the food and packaging industry, market researchers Pira International said Tuesday, despite recent price hikes. "Plastic bottles are the strongest performers in the larger packaging sector...PET is the most widely used and fastest-growing polymer for the manufacture of plastic bottles and jars...>>>
EURO GAS: Curve bounces back up after post-Easter slump Apr 28,2011
Forward curve contracts at European gas trading hubs bounced back up midday Wednesday, as traders said that a rise in oil prices allowed the curve to recover from a post Easter slump. The Dutch TTF front month contract rose 50 euro cent from the previous day's close, trading at Eur22.35/MWh by midday Wednesday. The TTF cal 12 contract heard a...>>>
Americas: US EPA asks Chesapeake for data related to broken Pennsylvania gas well Apr 28,2011
The US Environmental Protection Agency has ordered Chesapeake Energy to provide the agency by Tuesday all records related to the April 19 discharge of fluids from a company-owned natural gas well in Bradford County, Pennsylvania. EPA asked the company for information on the hydraulic fracturing fluids used in the drilling process, reports on th...>>>
NWE coaster propane prices fall on low demand, higher availability Apr 28,2011
Spot prices for FOB coaster propane cargoes in Northwest Europe have fallen due to low seasonal demand and increased availability, according to industry sources. Based on Platts data, spot FOB prices were marginally above $1,010/mt at the end of the first week in April, but then fell by $100/mt to just over $910/mt by the end of the second decad...>>>
China to shut oil refineries under 2 mil mt/year by end 2013: NDRC Apr 28,2011
China's plans to close refineries with crude distillation units of under 2 million mt/year (40,164 b/d) by end 2013 as part of its plan to phase out polluting industries. In a 111-page report published late Tuesday, the country's top economic planning agency, the National Development and Reform Commission, detailed a comprehensive list of indust...>>>