Chemical News
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China likely to reduce Sep fuel oil imports by 13% Sep 16,2011
China is likely to import about 1.85-mil mt of fuel oil in September, down by 13% or 280,000mt from the estimate for August, C1 shipping schedule showed. Chinese importers showed weak interest in September-delivery fuel oil when international crude was fluctuating. In addition, bunker players still had abundant stockpiles after replenishment in ...>>>
Bohai Bay likely to stabilize Sep fuel oil imports at 0.95-1.00-mil mt Sep 16,2011
The Bohai Bay (Shandong, North China and Northeast China) is likely to import 0.95-1.00-mil mt of fuel oil in September, flat to the estimate for August, C1's shipping schedules show. Local independent refineries still showed weak interest in buying imported fuel oil in late August and early September, because of poor refining margins, said mark...>>>
China's crude throughput in Aug down 1.87% on month: NBS Sep 16,2011
China processed 36.78-mil mt of crude in August, down by 1.87% month on month, according to the data from the National Bureau of Statistics. Accordingly, the country's daily crude throughput fell to 1.19-mil mt in August, also down by 1.87%. A few major refineries were still under maintenance in August, including Dalian Wepec and Changqing Pe...>>>
Taiwan Formosa Plastics to restart LLDPE unit to meet domestic needs Sep 15,2011
Taiwan's Formosa Plastics will restart its 260,000 mt/year linear low density polyethylene unit in Mailiao by Friday amid a feedstock shortage, a company source said Wednesday. "We need to restart it to fulfill domestic demand," said the source. "But we don't know how long we will run it." The LLDPE unit was shut in August due to the cut in e...>>>
Asian PET producers hurt by high feedstock costs, low demand Sep 15,2011
Asian PET bottle chip producers are battling rising feedstock costs in a low demand climate, sources from companies told Platts Wednesday. "I've been in this business for seven years, and I've never seen it so bad before," said a source from a producer in Northeast Asia. PET bottle chips typically fare worse during the low demand season duri...>>>
NWE naphtha-benzene spread falls to lowest level since April 2009 Sep 15,2011
The spread between Northwest European naphtha and benzene has fallen to its lowest level since April 2009, the clearest sign to date of the weak sentiment that is currently pressurizing the ARA market. NWE benzene was assessed at a mid-point of $1,073/mt for 1,000 mt CIF ARA barges Tuesday, which compared with a European open spec naphtha assess...>>>
Braskem's PE offers for domestic market up Reals 200-250/mt Sep 15,2011
Brazilian polyethylene producer Braskem increased September's offer prices for the domestic market by Reals 200-250/mt ($117.27-$146.60/mt) mainly due to the 9.5% rise of the US dollar against the real over the past 10 days, a source said Wednesday. "Besides the exchange rate, polyethylene demand in the Brazilian domestic market was firm, and at...>>>
EURO GAS: Prompt prices flat on previous close, curve softens Sep 15,2011
Prompt prices on Continental European gas markets traded in a narrow range between hubs midday Wednesday, relatively flat to the lower closing levels heard at Tuesday's close, while the forward curve felt increased downward pressure from lower crude prices heard in early trade. The Dutch TTF day-ahead traded at morning highs of around Eur25.25/M...>>>
Deloitte sees higher US natural gas prices, more LNG imports Sep 15,2011
US natural gas prices could exceed $8/MMBtu by 2022 and the country's LNG imports could rise by almost 3.5 Bcf/d by 2030, consultant Deloitte said in a report Wednesday. The study puts prices substantially higher than NYMEX futures prices and raises questions about the recent rush by US LNG import terminals to begin exporting domestic shale gas....>>>
Heavy crude oil growth to outstrip new condensate supply to 2030: HART Sep 15,2011
The world will see far more incremental barrels of heavy crude in the market over the next two decades than the additional condensate supply that will come on stream, according to an analyst at Hart Energy, a provider of specialized data and information products to the energy industry. Global crude production is expected to grow from 73.5 millio...>>>
BP shares climb after news of final US report on Macondo Sep 15,2011
Shares of BP were trading higher in London Wednesday morning, following a news report that the US government's investigation into the Macondo/Deepwater Horizon disaster in the Gulf of Mexico had spread the blame beyond the oil company. At 1221 GMT, BP's shares were trading at 398.75 pence/share (about $6.29/share), up 4.5% from Tuesday's London...>>>
Shandong's commercial fuel oil stocks rebound to 871,000mt in mid Sep Sep 15,2011
The commercial fuel oil stockpiles at Shandong's major ports added up to about 871,000mt on Sep 14, up by around 39,000mt from one week ago, C1 learned from port sources. These stockpiles accounted for around 29.4% of the storage capacity of the commercial tank farms at these ports. Stockpiles declined by around 20,000mt at Longkou port, but ...>>>
China likely to see gasoil supply shortage on stronger demand, refinery maintenance in Sep-Oct Sep 15,2011
China is likely to see a shortfall in gasoil supply in September and October, as demand is growing and major refineries still run at relatively low rates on average because of maintenance. Gasoil demand from end-users is normally strong in September and October, and most traders have showed booming demand recently amid bullish market sentiment, ...>>>
PetroChina raises gasoline inner settlement prices moderately Sep 15,2011
PetroChina lifted inner settlement prices by Yuan 50/mt for gasoline that its Northeast China Marketing Company supplies to provincial sales branches outside the region, effective from Sep 9, according to sources with PetroChina. The prices were raised for gasoline supplied to subsidiary companies in Beijing, Hebei, Shandong, Shanghai, Fujian, J...>>>
IEA cuts 2011 global oil demand forecast by 200,000 bbl/day Sep 14,2011
LONDON-The International Energy Agency (IEA) on Tuesday revised down its global oil demand forecast for 2011 by 200,000 bbl/day to 89.3m bbl/day on reduced economic growth expectations, particularly in North America and Europe. The IEA, a Paris-headquartered international agency that is run by members of the Organisation for Economic Co-operatio...>>>
US September EPS price hike sees partial acceptance Sep 14,2011
HOUSTON-US expandable polystyrene (EPS) prices rose this week as September price increases found partial acceptance, market sources said on Tuesday. US EPS prices were assessed by ICIS at 91–98 cents/lb ($2,006-2,161/tonne, €,484-1,599/tonne) DEL (delivered) for block and package material, up 3 cents/lb from August prices. Producers in t...>>>
TiO2 makers hike Asia Q4 offers by $500/tonne on tight supply Sep 14,2011
SINGAPORE Titanium dioxide (TiO2) prices in Asia will likely continue to increase in the fourth quarter, with global producers hiking offers by $500/tonne (€365/tonne) because of tight supply and rising raw material costs, market sources said on Wednesday. But buyers said they may not require strong volumes in the last three months of the y...>>>
Europe-Asia SM arbitrage open on paper, but risky to ship cargoes: traders Sep 14,2011
With the arbitrage window to send styrene monomer from Europe to Asia widening on paper, traders are cautiously looking into the possibility of getting cargoes into Asia, market sources said this week. The arbitrage has been open on paper since September 6, when Platts assessed the SM FOB Rotterdam price at $1,410/mt and CFR China price at $1,48...>>>
Azerbaijan's Socar continues to buy Turkish Petkim shares Sep 14,2011
Azerbaijani state upstream operator Socar Monday continued with its buy up of shares in Turkish petrochemical company Petkim. In a disclosure Tuesday the Istanbul Bourse (IMKB) confirmed that State Oil Company Of Azerbaijan Republic (Socar) Monday bought 1.1 million shares in Petkim at Turkish lira 2.2425 ($1.26) each raising its direct and indi...>>>
Chevron Phillips, Sumitomo JV shutting down Texas polypropylene plant Sep 14,2011
US chemical maker Chevron Phillips has reached an agreement with Sumika Polymers America Corporation for the permanent shutdown of their polypropylene joint venture, Phillips Sumika Polypropylene Company, and plant in Pasadena, Texas, CP Chem announced Tuesday. Sumika Polymers America Corporation is a wholly-owned affiliate of Japan-based Sumito...>>>