Circular Polyethylene Crude oil 13-01-2022
Circular Polyethylene Crude oil
Crude Oil Prices Trend
Delivers on commitment to bring fully certified circular polyethylene product to market in the United States, said CPChem.
Calling it a milestone in its circular economy initiatives, Chevron Phillips Chemical (CPChem) today announced the first commercial sales of its Marlex Anew Circular Polyethylene. Circular Polyethylene Crude oil
CPChem uses advanced recycling technology, also referred to as chemical recycling, to process pyrolysis oil, a feedstock made from difficult-to-recycle waste plastics, which can then be used to manufacture new products.
CPChem has already begun delivering Marlex Anew Circular Polyethylene and said that it is working to further expand production volumes.
Since announcing the launch of its advanced recycling program in October 2020, CPChem has been certified by International Sustainability & Carbon Certification (ISCC) PLUS. The company also has scaled production volumes and signed long-term feedstock supply agreements. Circular Polyethylene Crude oil
CPChem worked with Chevron to successfully process pyrolysis oil at Chevron’s Pascagoula Refinery in a certified commercial-scale trial.
his enables CPChem to source feedstock derived from plastic waste to produce Marlex Anew Circular Polyethylene.
The company said that it is evaluating future collaborative opportunities with Chevron to reinforce both companies’ sustainability-related efforts and to support CPChem’s annual production target of 1 billion pounds of Marlex Anew Circular Polyethylene by 2030. Circular Polyethylene Crude oil
The US Energy Information Administration (EIA) forecasts that US oil production will average 12.4 million bpd during 2023, surpassing the record high for domestic crude oil production set in 2019. Circular Polyethylene Crude oil
In its January Short-Term Energy Outlook (STEO), EIA forecasts US crude oil production will increase for nine consecutive quarters, from the 4Q21 to 2023.
EIA also expects OPEC to increase its crude oil production to 28.9 million bpd in 2023, up from an average of 26.3 million bpd in 2021.
“We expect global demand for petroleum products to return to and surpass pre-pandemic levels this year, but crude oil production grows at a faster rate in our forecasts,” said EIA Acting Administrator Steve Nalley.
“We expect that as crude oil production increases, inventories will begin to replenish and help push prices lower for gasoline, jet fuel, and other products in the short term.” Circular Polyethylene Crude oil
EIA forecasts that US commercial crude oil inventories will reach 465 million bbls at the end of 2023, which is about 11% more than inventories at the end of 2021.
Other key takeaways from the latest STEO include:
EIA estimates that the US produced 1.5 quadrillion British thermal units (Btu) of solar power in 2021, a 23.7% increase from 2020. EIA forecasts US consumption of solar-generated electricity to increase a further 27.3% in 2022 and 25.2% in 2023.
By September 2023, EIA expects US natural gas production to reach an average of 98 billion ft3/d for the first time and then to average 98.2 billion ft3/d the second half of 2023.
US coal consumption increased by 14% in 2021 in response to growing demand for coal-fired electricity. EIA expects US coal consumption to decrease by 2% in 2022 and remain relatively unchanged in 2023. Despite the decrease in consumption, EIA forecasts that coal production will increase 6% in 2022.
Circular Polyethylene Crude oil