Petrochemicals Polymers RPET CrudeOil 14-04-2020
Petrochemicals Polymers RPET CrudeOil
Crude Oil Prices Trend
Oil prices fell back towards the $20 mark as the largest oil production cut in history failed to assuage oil market fears.
OPEC+ agreed to the largest oil production cuts in history on Thursday, but oil prices crashed towards $20 as markets decided that a 10 million bpd cut was insufficient to balance the demand deficit.
Today, the G20 will meet to discuss more cuts and more details will likely come out about the OPEC+ deal.
Markets are closed today and so all eyes will be on developments over the weekend.
Goldman, others say the move is ‘too little, too late”
Crude prices rose in choppy trading Monday, a day after major oil producers reached a historic agreement to cut oil production, as analysts from Goldman Sachs and elsewhere said the moves were “too little, too late” after weeks of a damaging price war between Saudi Arabia and Russia. Petrochemicals Polymers RPET CrudeOil
After several days of intense negotiations, members of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, agreed Sunday to cut overall crude-oil production by 9.7 million barrels a day starting on May 1 through June 30 of this year.
OPEC and its allies (OPEC+) reduced the target of its oil-cut agreement by 300,000 bbl/day to 9.7m bbl/day for May through June.
The group announced the cut on Sunday, and it marks a retreat from its more ambitious 10m bbl/day target that OPEC+ announced on 9 April.
The group also agreed to reduce the size of the production cuts for the life of the multi-year agreement. Petrochemicals Polymers RPET CrudeOil
From July through December 2020, the production cuts will total 7.7m bbl/day versus the earlier reduction of 8m bbl/day.
-China’s domestic polypropylene (PP) prices have rallied since end-March, driven by spiking demand for downstream face masks amid the coronavirus pandemic, while supply of some grades has tightened partly due to scheduled plant turnarounds.
On 10 April, spot prices of PP yarns, injections and low melt-index block copolymers in east China stood at yuan (CNY) 7,425/tonne; CNY7,500/tonne and CNY7,650/tonne, respectively, according to ICIS data. Petrochemicals Polymers RPET CrudeOil
The prices have rebounded by nearly CNY1,142/tonne or an average of 18% from lows recorded in end-March, the data showed.
Asian petrochemical markets are widely expected to receive some support on stronger crude oil prices and perk up in demand in China this week.
Asian polypropylene, in particular, is expected to firm up this week amid strong demand and supply shortage for prompt raffia grade.
Crude oil futures were higher in midmorning trade in Asia Monday after an OPEC+ agreement inked Sunday. Petrochemicals Polymers RPET CrudeOil
Front-month Brent crude futures rose $1.34/b (4.26%) on Monday morning from Thursday’s settle at $32.82/b.
The more you know about what happens in a screw, the more you’ll be able to work with your supplier to optimize design. Petrochemicals Polymers RPET CrudeOil
A major step in the design of extrusion screws took place in the early 1960s as a result of research work by Western Electric Co., the former manufacturing side of the Bell System and later AT&T. Some of the more basic aspects of screw design—such as output and power calculations—had already been developed by others, but a more complete analysis of feeding, melting and pressure development was still underway at that point.
I remember doing multiple screw “push-outs” of full screws in the lab trying to verify some of those theories, but the amount of calculations involved for a whole screw was so complicated it was completely impractical without a computer.
Stating that exporters are under severe financial constraints with many of them finding it extremely difficult to pay salaries and wages to the workers for the lockdown period as per the Government’s directives, The Cotton Textiles Export Promotion Council (TEXPROCIL) has urged the government to immediately announce relief package for exporters.
Textiles and clothing exporters are passing through unprecedented times, as they have closed down their production facilities due to the lockdown on account of Covid-19 pandemic, said TEXPROCIL chairman KV Srinivasan. He pointed out that overseas buyers are cancelling orders on a large scale and even payments are not being released by the buyers to the exporters on shipments already made. Further, there is an uncertainty as to when the situation will be back to normal. Petrochemicals Polymers RPET CrudeOil
Most European countries and the US are under lockdown since mid-March due to Covid-19 pandemic. Based on projection that lockdown may last till mid-July, total apparel consumption in EU and US is likely to reduce by $300 billion, according to latest report by Wazir Advisors. 2020 apparel consumption will reduce by 45 per cent in EU and 40 per cent in US.
Peak of new COVID-19 cases is expected between end-April to mid-May, based on which lockdown is expected to last till mid-July, as per Epidemic Projection by BCG, made on March 26, 2020. This implies total 3 to 4 months closure for almost all the brick-and-mortar fashion stores across US and Europe. Petrochemicals Polymers RPET CrudeOil
German plastics companies DOMO and Covestro are piloting a blockchain solution with Dutch startup Circularise for plastic traceability and enabling a circular economy. The companies first started working together back in October 2019 and demonstrated the blockchain platform at CES 2020. Petrochemicals Polymers RPET CrudeOil
The blockchain platform creates a digital version of plastic materials based on audited documents and enables end-to-end traceability and provenance. The goal is to track plastics from production to molders to OEMs and brand owners.
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