Petrochemicals PEF RPET CrudeOil 15-04-2020
Petrochemicals PEF RPET CrudeOil
Crude Oil Prices Trend
Oman increased its crude oil and condensate production in March by nearly 13 percent from February, after the collapse of the OPEC+ deal early last month, according to data from the Ministry of Oil and Gas of the Arab Gulf producer part of the non-OPEC nations in the OPEC+ pact.
Oman’s crude oil and condensate production rose by 12.83 percent month on month to stand at 1.078 million barrels per day (bpd) in March, Times of Oman reported on Tuesday, citing data from the oil and gas ministry.
US OLEFINS: US spot olefin prices are expected to remain stable to lower despite the recent agreement by the OPEC+ group to reduce crude oil production.
No olefins pricing or supply effects are anticipated in the short-term, sources said. Domestic propylene contract negotiations have been delayed and will likely settle near the end of the month due to increased volatility and uncertainty in the market, sources said.
US AROMATICS: Aromatics prices in the US were also expected to remain under pressure despite a recent agreement by the OPEC+ group to cut crude oil production. Demand was not expected to improve in the near-term with demand for both toluene and paraxylene lagging. Petrochemicals PEF RPET CrudeOil
Analysts are already forecasting a steep global recession this year as the virus has prompted worldwide restrictions on movement of people and goods
The slump in China’s exports is expected to have extended into March while a collapse in oil price likely deepened a decline in imports, a Reuters poll showed, as the coronavirus cripples the global economy and overall demand.
The pandemic’s sweeping impact on businesses and consumers has triggered an unprecedented burst of stimulus from policymakers around the world in the past two months, but the widespread lockdowns in many economies is seen delaying a recovery in trade both in China and globally. Petrochemicals PEF RPET CrudeOil
The global economy is projected to contract sharply by 3% in 2020, the International Monetary Fund (IMF) said in the newly released first chapter of its World Economic Outlook (WEO) report on Tuesday. Petrochemicals PEF RPET CrudeOil
The WEO offered a grim global economic forecast and outlined a baseline scenario of recovery hinged on the pandemic fading in the second half of 2020. If it takes longer, warned the report, we should brace ourselves for much worse outcomes.
If a vaccine or treatment came along sooner, things will bounce back faster.
Asian petrochemical shares rose on Tuesday on cautious optimism that the coronavirus outbreak would soon peak, while oil prices were higher on expectations of a record drop in US shale production this month.
At 03:10 GMT, Japan’s Mitsui Chemicals was up 0.21%, South Korea’s Lotte Chemical was higher by more than 7% and Taiwan’s Formosa Petrochemical Corp inched up by 0.49%.
Hong Kong’s Hang Seng Index gained 0.77%, South Korea’s KOSPI Index was 1.69% higher and Japan’s Nikkei 225 Index was up by nearly 2%. Petrochemicals PEF RPET CrudeOil
Disruptions in countries that typically supply the US with unroasted molybdenum ores and concentrates may have a knock-on effect on European supply.
If more volumes stay in the US to make up for mine closures or production curtailments in other parts of the world in response to the Covid-19 pandemic, oxide supply may tighten in Europe as less ore is exported for conversion. Petrochemicals PEF RPET CrudeOil
The US is a net exporter of unroasted molybdenum and supplies Europe with the majority of ores that are converted into oxide that makes its way into local markets.
The ITM International Textile Machinery Exhibition and Hightex, the International Technical Textiles and Nonwoven Exhibition have been rescheduled for June 2021.
Usually held every two years in partnership with Tüyap Tüm Fuarcılık Inc. and Teknik Fuarcılık Inc., and in cooperation with TEMSAD, the shows were originally scheduled for June 2-6 this year. Petrochemicals PEF RPET CrudeOil
However, as the effects of coronavirus continued to increasingly impact global business, the shows were then postponed to 14-18 July 2020.
It has now been announced that the events will take place on 22-26 June 2021.
The synthesis of plastic precursors, such as polymers, involves specialized catalysts. However, the traditional batch-based method of finding and screening the right ones for a given result consumes liters of solvent, generates large quantities of chemical waste, and is an expensive, time-consuming process involving multiple trials. Petrochemicals PEF RPET CrudeOil
Demand for polymer resin in India continues to slow amid transport restrictions and the shutdown of plastic conversion plants, with at least 85pc of plants shut.
Demand for polypropylene (PP) took a hit when cement packaging and automotive manufacturing stalled.
Passenger car production fell by 44pc in March from a year earlier to 122,037 vehicles. The volume was the lowest in more than a decade, even as the lockdown only began on 25 March. Petrochemicals PEF RPET CrudeOil Petrochemicals PEF RPET CrudeOil
Nexeo Plastics LLC will distribute specialty biopolymers for BioLogiQ in North America.
In an April 13 news release, officials with Nexeo in The Woodlands, Texas, said that the materials serve companies that want to incorporate high-quality, sustainable materials into their manufactured products.
Materials made by Idaho Falls, Idaho-based BioLogiQ to be distributed by Nexeo include the BioBlend product line. BioBlend combines NuPlastiQ biopolymer with polyolefins and compostable solutions for blown and cast film extrusion, blow and injection molding and thin-wall thermoforming. Petrochemicals PEF RPET CrudeOil
Petrochemicals PEF RPET CrudeOil