Petrochemicals PET Covid19 CrudeOil 17-04-2020 - Arhive
Petrochemicals PET Covid19 CrudeOil
Crude Oil Prices Trend
-Unifi salutes customers supplying frontlines in COVID-19 fight
Unifi, one of the world’s leading innovators in recycled and synthetic yarns, has issued a statement saying it recognizes the hard work that its customers are doing in supplying critical products during the COVID-19 pandemic. Unifi supplies yarns and fibres to more than 100 companies that are producing the masks, gowns and other personal protective equipment needed by the US’ first responders, medical personnel and military.
“We have customers actively engaged in the fight against COVID-19,” said Tom Caudle, President & Chief Operating Officer of Unifi. “We’re proud that our company is playing a part in that fight by providing the fibre they need.”
Carbios and TechnipFMC, announced today that TechnipFMC’s operating center in Lyon, France will be assisting Carbios to build a plant that demonstrates Carbios’ Enzymatic Recycling Process. Petrochemicals PET Covid19 CrudeOil
The technology uses proprietary enzymes to recycle waste PET (polyethylene terephthalate) plastics into monomers ready for repolymerization into PET with the same technical and physical properties as virgin PET. This collaboration is an important step in the demonstration of the technology and potential future commercialization.
TechnipFMC will provide advisory, engineering, procurement and construction supervision services for this plant, which will be located close to Lyon. Construction will start later this year with first operations expected to begin in 2021.
Oil prices slumped Wednesday after the International Energy Agency projected that global demand will fall by a record amount in 2020 amid the coronavirus pandemic.
US West Texas Intermediate crude fell as much as 4.5% to $19.20 per barrel Wednesday. Brent crude, the international benchmark, declined 8.2% to $27.18 per barrel at intraday lows. Petrochemicals PET Covid19 CrudeOil
Global oil demand is expected to drop by 9.3 million barrels per day, according to a Wednesday IEA report. For April, global oil demand is expected to decline by 29 million barrels per day from a year ago, to levels last seen in 1995.
-PROPYLENE PRICES JOURNEY NORTHWARDS IN ASIA ON TUESDAY
On Tuesday, propylene prices witnessed a steep rise in Asia. Prices firmed, mainly on account of bullish buying trends, coupled with stronger downstream PP prices in major markets like China.
FOB Korea propylene prices were up at the USD 665/mt levels, a day on day surge of USD 55/mt. Petrochemicals PET Covid19 CrudeOil
CFR China propylene prices were higher at the USD 720/mt levels, a spike of USD 55/mt from Monday’s assessed levels.
-IEA sees global throughput down by 7.6mn b/d in 2020
The IEA said today that global refining throughput will fall by 7.6mn b/d year-on-year in 2020, to its lowest in a decade at 74.3mn b/d, and said that product stockbuilds are inevitable.Petrochemicals PET Covid19 CrudeOil
The forecast, made in the IEA’s latest Oil Market Report, is a sharp downward revision from its previous estimate for a throughput fall of just 0.4mn b/d.
Run cuts are concentrated in OECD countries, where the IEA revised down total throughput to 33.3mn b/d from 37.9mn b/d in its previous report. Its estimates for Europe and the Americas are both lower by around 2mn b/d. It revised down its estimate for total non-OECD runs by 2.6mn b/d to 41mn b/d, with its Chinese runs forecast just 200,000 b/d lower on the year compared with the previous report.
emicals PET Covid19 CrudeOil
-India’s PX exports rise, widening discounts: Correction
Corrects OMPL’s operating status in paragraph 4
India has increased its exports of paraxylene (PX) following a nationwide lockdown since 25 March, putting pressure on discounts for cfr China cargoes.
Discounts for shipments have widened by $13-14/t since late March, with discussions hovering at discounts of $16-20/t against spot cfr Taiwan/China assessments for May-June deliveries. June deliveries are being discussed at discounts of $16-18/t to cfr Taiwan/China assessments. Petrochemicals PET Covid19 CrudeOil
-Sanfangxiang eyes $1.1bn funds for PET, PTA assets
Shanghai-listed Sanfangxiang Industry is considering raising 7.65bn yuan ($1.1bn) to acquire the polyethylene terephthalate (PET) and purified terephthalic (PTA) assets of its sister company Hailun Petrochemical.
Sanfangxiang Industry is looking to raise the funds by issuing 2.94bn new shares. Trading in its shares will be suspended tomorrow after it announced the plans.
Sanfangxiang Industry and Hailun Petrochemical are part of the Sanfangxiang group. Hailun Petrochemical owns two PTA units, each of 1.2mn t/yr, and about 2mn t/yr in PET bottle chip capacity. Petrochemicals PET Covid19 CrudeOil
-Lower demand and prices a drag on PetChem’s earnings
LOWER oleochemical prices, poor demand from China and reduced plant utilisation rate combined could exert pressure on Petronas Chemical Group Bhd’s (PetChem) earnings for financial years 2020 to forecast 2022 (FY20- FY22F)
“Given the sharp drop in demand from China, which accounted for 18% of PetChem’s FY19 production volume, we do not expect the group to readily redeploy its output to other regions which are also currently experiencing the same viral outbreak,” said AmInvestment Bank Bhd analyst Alex Goh. Petrochemicals PET Covid19 CrudeOil
OPEC+’s production cuts, which stem from limited storage capacity, provide some relief but unlikely to be sufficient to offset the drastic fall in oil consumption.
-New date confirmed for 2020 PET Monomer Recycling Forum
The 2020 PET Monomer Recycling Forum, which had to be postponed from its original date of 16 April due to the spread of Covid-19, has been rescheduled.
Petcore Europe has announced that the 2020 PET Monomer Recycling Forum will take place on 7 October in Brussels at the BluePoint Brussels, 80 Bd. A. Reyers, 1030 Brussels. Registrations are open now. Petrochemicals PET Covid19 CrudeOil
In 2019, Petcore Europe launched the PET Monomer Recycling Special Industry Group – with companies involved in the development of new and innovative processes to recycle PET and Polyester waste by depolymerisation and reusing its monomer constituents.
