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Crude Oil Prices Trend
Benchmark CFR Japan naphtha flat prices nosedived 23.7% day on day to a four-year low of $311.875/mt Monday on the back of a plunge in crude prices and weak demand for naphtha as a petrochemical feedstock.
The naphtha benchmark fell $96.88/mt day on day. It was last lower on February 24 2016 at $307.50/mt, according to S&P Global Platts data.
At 4:30 pm Singapore time (0830 GMT), front month May ICE Brent crude futures were $13.24/b (26.92%) down from Friday’s settle to stand at $35.94/b.
The Asian naphtha complex had been reeling from the weaker Chinese downstream petrochemical demand due to the coronavirus outbreak, in addition to the fresh downturn in demand last week from the shutdown of Lotte Chemical’s Daesan steam cracker.
Asia’s petrochemical markets tumbled on Monday, greeted by a 30% plunge in crude values as Saudi Arabia’s surprise hefty price cuts could trigger an all-out oil price war against the backdrop of severely weakened global demand amid the coronavirus outbreak.
An oil price war would compound downside risks to the global economy, which is already facing a prolonged slowdown, or even a recession.Petrochemicals Closed Loop Film
Spot prices of petrochemical feedstock naphtha slumped 25%, while aromatics benzene shed 15%, paraxylene (PX) declined by more than 10% and isomer-grade xylene was down by about 15%, tracking the steep losses in the upstream crude market.
Coca-Cola Beverages Philippines (CCBPI) on Monday said it partnered with Indorama Ventures to build the country’s biggest bottle-to-bottle recycling facility.
Coca-Cola said the P1-billion facility, called PETValue, will be set up in General Trias in Cavite and is expected to be completed by 2021.
The facility would ensure that used PET plastic bottles will be “collected, processed and used again and again,” Coca-Cola said in a statement.
It is projected to handle 30,000 metric tons of plastic a year or almost 2 billion pieces of plastic bottles. Petrochemicals Closed Loop BOPET
Toray Industries Inc. announced last week that its resin compounds subsidiary Toray Resin Mexico S.A. de C.V. (TRMX) opened a sales office in Monterrey, Mexico, last month. This will be the Mexican manufacturing, marketing, and distribution subsidiary’s third sales office in the country, after those in El Salto and Queretaro.
With new players in the automotive and other sectors set to enjoy growth in Monterrey and other areas of northern Mexico because of the recent free trade agreement between Canada, Mexico and the United States, the office will help the company more swiftly identify needs and accelerate customer service in the region.Petrochemicals Closed Loop BOPET
Several companies with a footprint in the dairy industry are among the signatories to the European Plastics Pact, which was launched last week.
Fifteen governments and 66 companies and organizations have already joined the pact.
The agreement is a public-private coalition that aims to achieve a circular European plastics economy by avoiding plastic waste and bringing together all participants in the value chain.Petrochemicals Closed Loop BOPET
Monforts has recently been involved in a number of R&D trials aimed at improving the performance of the fishing cage nets employed in fish farming operations at its Advanced Technology Centre (ATC) in Mönchengladbach, Germany.
The cultivation of both freshwater and saltwater fish populations under controlled conditions is a global industry valued at around $200 billion annually and only made possible with the use of huge aquaculture nets.Petrochemicals Closed Loop BOPET
INVISTA’s technology and licensing group, INVISTA Performance Technologies (IPT) and Hengli Petrochemical (Dalian) Co. (Hengli) have announced that Hengli’s 4th purified terephthalic acid (PTA) line has reached its full production rate.
This PTA line of 2.5 million tpy capacity, located on Changxing Island, Dalian City, China, utilises INVISTA’s P8 PTA technology with strong variable cost, capital productivity and environmental performance, came online on 8 January 2020.
This PTA line also produces benzoic acid as co-product, through INVISTA’s proprietary R2R technology.Petrochemicals Closed Loop BOPET
Russia refused to cut oil output quotas by up to 1.5 million barrels per day at a failed meeting on Friday between OPEC and non-OPEC nations.
So in retaliation, Saudi Arabia will produce 2 million barrels per day at $6 to $7 a barrel into an already oversupplied global market. As a result, oil prices have dropped by a third today.Petrochemicals Closed Loop BOPET
How did this oil-price collapse happen?
Saudi Arabia wanted OPEC and Russia to make oil production cuts to support oil prices in light of the coronavirus outbreak, which has hurt the global economy.
European chemicals prices could fall as much as 20% in April after the collapse in crude oil prices on Monday and prevailing fears over the impact of the coronavirus outbreak on global economic growth and supply chains, according to ICIS analysis.
The impact of a collapse in production cut talks between OPEC and key partner country Russia late on Friday made itself fully felt on Monday morning, triggering huge drops in crude and stock market prices when markets opened in Asia and Europe.Petrochemicals Closed Loop BOPET
There are different solutions for storing electrical energy: Lithium-based electrochemical batteries, for example, store large amounts of energy, but require long charging times. Supercapacitors, on the other hand, are able to absorb or release electrical energy extremely quickly – but store much less electrical energy.Petrochemicals Closed Loop BOPET
A further option is on the horizon since 2011: A new class of 2D materials that could store enormous amounts of charge was discovered at Drexel University, USA.
Neste, the world’s leading provider of renewable diesel, renewable jet fuel, and an expert in delivering drop-in renewable chemical solutions, and Mirova, a pioneer impact investor in the natural capital space and an affiliate of Natixis Investment Managers, today announce a combined EUR 10 million investment into Recycling Technologies Ltd (‘Recycling Technologies’), a specialist plastic recycling technology provider. The aim is to accelerate the development of chemical recycling and foster the transition to a circular economy for plastic.Petrochemicals Closed Loop BOPET
This investment, consisting of EUR 5 million from Neste and EUR 5 million from Mirova through the Althelia Sustainable Ocean Fund*, provides the capital to start building Recycling Technologies’ first commercial RT7000 machine in Scotland.
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