Chemical News
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EU CO2 fuel switching price of Eur35/mt could arrive before Q2 2020: SocGen Jul 25,2019
EU carbon dioxide allowance prices could push higher to an estimated coal-to-gas fuel switching price of Eur35/mt before the second quarter of 2020, according to research released Wednesday by Societe Generale. The potential for further upside comes as carbon prices close in on the Eur30.00/mt ($33.44/mt) mark for the first time since 2006. EU ...>>>
EC proposes 15.7%-18% tariff on Indonesian biodiesel imports Jul 25,2019
The European Commission is proposing to impose anti-subsidy measures on imports of biodiesel originating from Indonesia, according to a letter to market participants. In the Tuesday pre-disclosure letter seen by S&P Global Platts on Wednesday, the measures outlined are "in accordance with Regulation (EU) 2016/1037 of the European Parliament on p...>>>
Equinor shuts Melkoya LNG liquefaction plant in Norway due to power problem Jul 25,2019
The 4.3 million mt/year Melkoya LNG plant in Norway has been completely shuttered for an outage through Friday, Norway's Equinor said Wednesday. The outage began Tuesday and will have a volume impact of 18 million cu m/d, Equinor said. "The shutdown was due to an external power outage in the region late Monday," an Equinor spokesman said. "Star...>>>
Iran rebuffs UK plan for European force to police the Strait of Hormuz Jul 25,2019
Iran has rejected UK plans to coordinate a European force to protect shipping in the Strait of Hormuz, with the country's President Hassan Rouhani saying Wednesday his country will not allow any shipping disruptions in the key waterway. Rouhani, who defended the seizure of a British oil tanker on Friday and thanked the country's elite army Islam...>>>
US Treasury chief to resume trade talks in China next week: White House Jul 25,2019
US Secretary of the Treasury Steven Mnuchin and Trade Representative Robert Lighthizer will resume trade talks in Shanghai on July 30, with a focus on agriculture, the trade deficit and other issues, the White House said Wednesday. Analysts remain skeptical that the two sides can reach a broad deal to end the trade conflict that has slowed US ex...>>>
European steel market to face increasing pressure: S&P Global analyst webinar Jul 25,2019
The European steel market is facing increasing pressure from weak demand, market protectionism and persistently high iron ore and coking coal prices, analysts from S&P Global said in a webinar Wednesday. While steel capacity curtailment is under way, with a 4.2 million mt/year production cut announced by ArcelorMittal, this may be insufficient t...>>>
ACER wants more control of EU energy grid plans, P2G owned by TSOs Jul 25,2019
EU energy regulatory agency ACER wants powers to control transmission system operators' ten-year EU investment plans and to restrict them from owning power-to-gas facilities included in further EU decarbonization proposals expected next year. TSOs may not be market neutral parties in the future, as the EU's push to decarbonize by 2050 could see ...>>>
100 Spot Commodities Price Chart - 24/07/2019 Jul 25,2019
It was assessed by SunSirs that in the tracked 100 spot commodities,16 commodities increased in prices, 30 fell and 54 remained unchanged on 24/07/2019.The largest rises were Raw silk (2.08%),Ethylene oxide (2.03%),Ethylene glycol (1.54%),while the...>>>
Tallgrass CEO 'not sure' if Bakken production profile supports more large pipe takeaway capacity Jul 26,2019
The giant Bakken Shale oil reservoir, mostly sited in North Dakota, has been setting production records this year, for the first time since the 2014 downturn, but it is an open question whether more large pipeline expansions are needed for that play, a top midstream executive said late Thursday. In the last couple of months particularly, a new B...>>>
India's Pradhan raises concerns about oil price swings with Saudi Arabia's Falih Jul 26,2019
India on Thursday raised its concerns about global price swings due to the OPEC plus bloc's decision to extend crude production cuts with Saudi Arabia and requested the world's No. 1 oil exporter to continue its leadership role in maintaining market balance, the country's oil ministry said. Oil Minister Dharmendra Pradhan raised New Delhi's conc...>>>
Brasken abandons proposed petchem project in West Virginia; will sell site Jul 26,2019
Brazilian petrochemical producer Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia, and is seeking to sell the land that would have housed it, the company confirmed Thursday. "Due to a number of recent inquiries about its site in Parkersburg, Braskem has engaged a financial advis...>>>
Argentina's YPF taps Excelerate to supply LNG export tanker Jul 26,2019
Argentina's YPF said Thursday it reached a preliminary agreement with Texas-based Excelerate Energy to hire a LNG tanker for shipping cargoes to global export markets, as the state-backed energy company seeks to offload a growing surplus of shale gas production. A final agreement is to be signed in "the next few days" so the vessel can start ope...>>>
June heat wave revealed key capacity concerns: Cal-ISO CEO Jul 26,2019
A June heat wave showed that the California Independent System Operator is struggling to meet load levels that it has easily met in the past, and the grid operator is working with state regulators to make sure enough capacity is procured to avoid a shortfall, according to the CEO of Cal-ISO. The grid operator would be "challenged" to meet load l...>>>
California strikes deal with automakers to avert US fuel economy rollback Jul 26,2019
California and four major automakers have reached a deal to cut tailpipe emissions annually through 2026 model-year vehicles, in an attempt to avert the Trump administration's plan to freeze fuel economy standards over the same period. But the issue will still likely be decided in court, as the Environmental Protection Agency called the move "a ...>>>
Weekly US coal production totals 13.5 million st, down 2.9% on week: EIA Jul 26,2019
Weekly US coal production totaled about 13.5 million st in the week ended July 20, down 2.9% from the previous week and down 8.5% from the year-ago week, US Energy Information Administration data showed Thursday. Production from Wyoming and Montana, largely made up of Powder River Basin coal, totaled almost 6 million st, down 3.5% from the week ...>>>
US natural gas in underground storage increases by 36 Bcf: EIA Jul 26,2019
US natural gas in storage increased 36 Bcf to 2.569 Tcf for the week ended July 19, the US Energy Information Administration reported Thursday. The injection was slightly more than an S&P Global Platts' survey of analysts calling for a 33-Bcf injection. The survey responses ranged from 28 to 42 Bcf. The build was less than the 27-Bcf build repo...>>>
US total corn net export sales up 52% on week to 507,810 mt, within expected range: USDA Jul 26,2019
US net export sales of corn for both old crop and new crop for the current and next marketing year totaled 507,810 mt in the week ended July 18, up 52% from the previous week, Department of Agriculture data showed Thursday. Of that total, 121,196 mt were for the current 2018-19 marketing year ,or the old crop, and 386,614 mt were for the next 20...>>>
Severstal sale of Balakovo mill good move for the Russian company: analysts Jul 26,2019
Russian mining and steel company Severstal may achieve yet higher EBITDA margins following the sale of its Balakovo steel and rebar mill, analysts said Thursday. Located near Saratov in Russia's Volga district, the mill was weighing down Severstal's profitability for years, several analysts told S&P Global Platts Thursday, the day the company re...>>>
Dow Chemical Argentina estimates it will be offline entire Q3: company Jul 26,2019
Dow Chemical's Bahia Blanca petrochemical complex in Argentina will likely remain offline for the entire third quarter, it said Thursday. "Late in the second quarter, there was a significant countrywide power outage in Argentina, which also spread to neighboring countries," it said in its second quarter earnings. "The power outage abruptly shut...>>>
Naftogaz to supply gas to Ukraine grid operator UkrTransGaz for urgent network use Jul 26,2019
Ukrainian national energy company Naftogaz Ukrayiny has agreed to deliver 440 million cu m of natural gas to its shipping subsidiary UkrTransGaz in a move needed to maintain the steady operation of the country's gas transportation system, UkrTransGaz said Thursday. The decision comes after the refusal of private gas traders to deliver volumes to...>>>