Petrochemicals Covid19 CrudeOil rPlastic 21-04-2020
Petrochemicals Covid19 CrudeOil rPlastic
Crude Oil Prices Trend
US crude fell to negative value for first time in history as stockpiles overwhelmed storage facilities, before rebounding to just over $1 on Tuesday
US oil prices turned negative for the first time on record on Monday after oil producers ran out of space to store the oversupply of crude left by the coronavirus crisis, triggering an historic market collapse which left oil traders reeling.
The price of US crude oil crashed from $18 a barrel to -$38 in a matter of hours, as rising stockpiles of crude threatened to overwhelm storage facilities and forcedoil producers to pay buyers to take the barrels they could not store.
The market crash underlined the impact of the coronavirus outbreak on oil demand as the global economy slumps.
On Tuesday prices rebounded above above zero, with the US benchmark West Texas Intermediate for May changing hands at $1.10 a barrel after closing at -$37.63 in New York on Monday.
Chinese GDP collapsed in the first quarter of 2020 by 6.8% in annual terms – this is the first decline in the PRC economy since the publication of quarterly GDP data by the State Statistical Office (GSO) in 1992, Interfax reports. Petrochemicals PE Covid19 CrudeOil
The sharp recession reflects the severe damage caused to the Chinese economy by the outbreak of coronavirus infection COVID-19 and restrictions imposed by the country’s authorities to curb its spread. Now the Chinese government needs to take measures to support the economy in conditions of increased unemployment and social instability, while trying to keep the debt burden and financial risks under control, experts say.
Passenger vehicle sales in India fell 18% in the year to end-March 2020, their steepest recorded fall in years, after weak economic growth in the country over the last year. That has been compounded by a nationwide lockdown to slow the spread of the novel coronavirus. Petrochemicals Covid19 CrudeOil rPlastic
Automakers in India want a temporary tax cut on cars, trucks and motorbikes as well as incentives to scrap old vehicles, to try to boost sales and generate revenue after the coronavirus outbreak has brought the economy to a standstill.
Passenger vehicle sales in India fell 18% in the year to end-March 2020, their steepest recorded fall in years, after weak economic growth in the country over the last year. That has been compounded by a nationwide lockdown to slow the spread of the novel coronavirus.
In a telephone conversation with Iran’s minister of petroleum Bijan Zangeneh on Friday, Hassan Rouhani praised the efforts of all employees of the Ministry of petroleum and said: This is a great opportunity for us to distance ourselves as much as possible from the crude oil sales. Petrochemicals Covid19 CrudeOil rPlastic
He noted the sharp fluctuations in the global oil market and the fall in prices. “Accelerating the ministry’s plans to increase production of petroleum products and prevent the sale of raw materials could damage the sharp fluctuations in the global market and lower oil prices help the economy to be stabilized in minimum.
Europe titanium dioxide (TiO2) demand has seen some segment and geographical wins and losses during the lockdown – but headwinds loom amid the ongoing coronavirus pandemic and economic slowdown. Petrochemicals Covid19 CrudeOil rPlastic
Do-it-yourself (DIY) activity has risen and is higher than normal in some cases following widespread stay-at-home measures implemented across Europe since March.
Demand in northern Europe has been more resilient and buoyant compared to southern Europe and France – as the latter have been more adversely affected by the virus.
Injection moulding machinery maker Engel has resumed production operations manufacturing and assembly across its Austrian plants. Two machine factories in Schwertberg and St. Valentin, as well as the robot factory in Dietach, could be ramped up after the Easter holidays. Petrochemicals Covid19 CrudeOil rPlastic
Engel originally suspended production at its plants in mid-March after the number of new infections in the region rose sharply; six Engel employees from the St. Valentin plant tested positive for Covid-19. Production will resume with employees wearing protective masks, while cleaning intervals will be shortened throughout the plants.
Tests conducted by independent laboratories have now confirmed that treatment with Sanitized T 99-19 & Sanitized T 11-15, both products of Swiss company Sanitized AG, reduces viral load on polyester textiles by upto 99 per cent. Patented technology of ammonium silicate compound is employed in Sanitized T 99-19 and Sanitized T 11-15 utilises silver technology.Petrochemicals Covid19 CrudeOil rPlastic
The tests were performed using a feline coronavirus with structures and mechanisms reminiscent of SARS-Cov2. Sanitized T 99-19 and Sanitized T 11-15 are effective against viruses in accordance with ISO 18184:2019.
These additives are the perfect tool for an antiviral and antibacterial treatment of face masks, protective professional medical clothing, bed linens, or mattresses. The formulation of both products remains completely untouched, thus ensuring that it will continue to offer outstanding protection against bacteria.
“Italy is more in danger than the Eurozone thinks.” Financial Times columnist Wolfgang Munchau says that the specter of Euroscepticism in our country “will not disappear” with the reopening, because in Italy, “as happened in Britain with Brexit”, it is “starting to blame the EU for all that is wrong “and the M5s could” ride “the growing anti-EU sentiment and consider it” an opportunity “to revive electorally. Petrochemicals Covid19 CrudeOil rPlastic
Our problem is not the spread, but the debt / GDP ratio
The analysis of the Ft opinionist, starts from a consideration, that the problem of our country, unlike what happened in 2012, is not the increase in the spread, but the surge in the debt / GDP ratio.
Spanish ethanol producers are preparing to cut runs as demand for gasoline drops sharply.
Brokerages said dominant producer Vertex is cutting runs to 70pc of capacity. Vertex — owned by US-based capital fund Trilantic — runs 430,000 t/yr of capacity at Cartagena, Salamanca and Coruna. Petrochemicals Covid19 CrudeOil rPlastic
It does not communicate with the media. The firm has boosted Spanish production significantly in the three years since it bought the plants from bankrupt conglomerate Abengoa.
Japanese chemicals producer Sekisui Chemical plans to start the verification of bioethanol output produced from rubbish by the end of the 2021-22 fiscal year.
Sekisui Chemical set up the joint venture Sekisui Bio Refinery on 16 April with state-owned tech investor Japan Investment Corporation to build a waste-based bioethanol production plant in north Japan’s Iwate prefecture.
The firm will start on final verification and target commercial operations by the 2025-26 fiscal year. Petrochemicals Covid19 CrudeOil rPlastic
Security Matters, Ltd and BASF have signed a binding joint development agreement to develop solutions for plastics traceability and circularity.
Currently, recycled plastic loses its mechanical performance properties and quality compared to virgin plastic due to polymer degradation and residual impurities.
In many parts of the world recycling infrastructure does not exist and can be expensive complicated. Petrochemicals Covid19 CrudeOil rPlastic
Petrochemicals Covid19 CrudeOil rPlastic