Plastic petrochemicals recycling crude oil 03-12-2018 - Arhive
-December paraxylene contract offers in Asia heard at USD900-920 per tonne
Several buyers put forward counter proposals for the December contract price of paraxylene in Asia at USD900-920 per ton, ICIS reports, citing market participants.
Price proposals for December deliveries from manufacturers were at the level of USD1,100 – 1,150 per ton, CFR Asia.
It is expected that the contract price of paraxylene for December in Asia will be agreed by the end of the working day on November 30.
-Crude Oil Prices Trend
-Polymers PET Polyethylene Petrochemicals Prices
rPET Resin and recycled polyester staple fiber.
-Sam Gyimah: second Brexit referendum best option for both sides
Universities minister who quit over May’s Brexit plan says people’s vote could avert chaos
Sam Gyimah, the universities minister who resigned in protest at the prime minister’s Brexit plan and pledged to vote against it, has said a second referendum could be the most sensible path for both leave and remain supporters, and dismissed Theresa May’s agreement with Brussels as a “deal in name only”.
The Conservative MP, who on Friday became the seventh minister to quit Theresa May’s government over Brexit, called for a vote to gauge the public’s mood if May loses the meaningful vote in parliament on 11 December.
Brexit Regret
-US November PE contracts settle lower on weaker oil, sufficient supply
US November contracts for polyethylene (PE) settled 3 cents/lb ($66/tonne) lower from October as weaker crude oil futures and sufficient supply weighed on pricing.
The sharp drop in crude oil prices undermined the case for price increase initiatives of 3 cents/lb.
NYMEX WTI futures have plunged nearly $25/bbl since hitting their 2018 peak in early October and are currently trading near 2018 low points. Crude oil inventories are building, and US production is at record highs, resulting in downward pressure on oil markets.
-US September Crude Oil Production Hits 4th Month Running at Record Highs
US Crude Oil production hit a new all-time high of 11.5-M BPD in September, according to the data announced Friday, the latest indicator of a wave of onshore US production that has weighed on global markets.
US Crude Oil output rose 129,000 BPD in September to 11.475-M BPD, the U.S. Energy Information Administration said in a monthly report.
-Indorama’s Rotterdam PET force majeure tweaks European sentiment
The mood in the European polyethylene terephthalate (PET) market has been so downbeat, with consistent drops in production costs and crashing Asian prices, that a force majeure declaration at Indorama Ventures in Rotterdam, The Netherlands, has tweaked perspectives.
“We received enquiries from customers we don’t normally get. I wanted a cargo and [another producer] was sold out until the end of December … They have no availability even for small quantities and all customers are going to maximum contract offtake,” a reseller said.
-Russia and Saudi Arabia to extend Opec+ accord, Putin says
The comments from the Russian president open the door for a deal at the Opec meeting this week
Saudi Arabia’s Crown Prince Mohammed bin Salman (L) and Russia’s President Vladimir Putin at the G20 Leaders’ Summit in Buenos Aires. The two leaders forged the Opec+ accord in 2016. AFP
Saudi Arabia’s Crown Prince Mohammed bin Salman (L) and Russia’s President Vladimir Putin at the G20 Leaders’ Summit in Buenos Aires. The two leaders forged the Opec+ accord in 2016. AFP
Russian President Vladimir Putin said on Saturday he had no concrete figures on possible oil output cuts as Russia and Saudi Arabia agreed to extend their accord to manage the oil market, known as Opec+, into 2019, following a meeting on the sidelines of the G20 summit between Mr Putin and Saudi Arabian Crown Prince Mohammed bin Salman.
Russia, one of the world’s biggest crude-producing nations, has been negotiating with the kingdom, Opec’s leader, over the timing and volume of any output reduction.
-Why Oil Prices Are Due for a Bounce
OPEC is grabbing at the proverbial straws in an attempt to regain control of the global oil markets.
The Thanksgiving holiday and crude oil prices have not been friendly to one another over the years. Some of the most challenging energy markets have occurred as the majority of Americans were sitting down at a table with family to enjoy a turkey dinner. The general public isn’t aware of the fact that commodity futures markets rarely close, not even for Thanksgiving.
The futures markets, including commodities such as crude oil, natural gas, gold, and others, generally trade in an overnight session on the Wednesday evening prior to the fourth Thursday in November. The futures continue to trade on Thanksgiving morning as they normally would and close a moderately abbreviated session at noon Central Time. In other words, for all intents and purposes, the commodity markets are open on Turkey Day.
-BASF TDI plant output halt could stem GCC price decline
A production halt at BASF’s flagship toluene di-isocyanate (TDI) plant in Ludwigshafen, Germany, could halt the downtrend in prices in the Middle East, but a sharp recovery may still not materialize yet.
Khor Fakkport Dubai in the UAE (Photo by Deedee Degelia Brent Winebrenner Degelia/Mood Board/REX/Shutterstock)
The TDI market was roiled this week by news that German major BASF had stopped production at its Ludwigshafen plant after Rhine river levels reached an “all-time low” causing difficulties in transporting raw materials.
Water levels on the Rhine have reached an “all-time low”, the company said, after months of transportation difficulties along the key chemicals logistics artery.
-Will Canadian Oil Producers Cut Output?
Record low Canadian oil prices risk deteriorating significantly cash flows and key credit metrics at Canada’s oil and gas producers, rating agency DBRS said on Wednesday in the latest warning that the ultra-cheap Western Canadian crude is taking its toll on Alberta’s oil industry and economy.
Severe takeaway capacity constraints have resulted in Western Canadian Select (WCS)—the benchmark price of oil from Canada’s oil sands—plunging to as low as $14 a barrel earlier this month, with its discount to the U.S. benchmark WTI at around $50 a barrel.
In the face of further delays in new pipeline approvals, most notably the blow to the Trans Mountain expansion project in late August, the Alberta province and its oil producers are looking for alternative medium-term solutions such as increased crude by rail shipments or, possibly, an industry-wide production cut to ease bottlenecks and drive heavy oil prices up.
-Finite Fiber acquires controlling interest in Qualiform
Finite Fiber recently reached an agreement to purchase controlling interest of custom molder Qualiform Inc.
Andrew Antonino, president of Wadsworth, Ohio-based Qualiform will stay in his role.
“It just seemed like a great fit from the first five minutes of our discussion,” Antonino said.
Qualiform has served OEMs since 1976, manufacturing custom rubber molded products used in a variety of industries, including transportation, medical, electrical, plumbing, industrial, health care, appliance and aerospace. The company’s products typically are used for impact absorption, resistance, protection and vibration/noise control.
-OPEC+, not Trump tweets, key to oil market in 2019
Oil prices were last week hovering around the psychological level of $60 per barrel of Brent crude, dropping to under $59, and at best, rising a little over $61. The massive rally in US stocks didn’t lift prices.
Futures prices are still suffering from a severe hangover caused by October’s high production, which was supposed to be in preparation for coping with US sanctions on Iran. Instead, the US issued waivers to Iran’s biggest customers and the tight oil market never happened.
-The next step for CO2-based plastics
COVESTRO’s carbon dioxide-based polyols have been used to produce synthetic sports flooring.
The world-first subfloor of this kind has now opened in a renowned hockey facility in Krefeld, Germany, and marks the next step in the use of CO2 for plastics production.
The environmentally-friendly technology enabling the use of CO2 as a raw material for production was developed by polymer company Covestro and its partners.
It allows up to 20% of the fossil fuels required for the production to be replaced with carbon dioxide, to act as an alternative carbon source.
The CO2 is used to produce a material called cardyon, a polyol. So far cardyon has been used to produce soft polyurethane for mattresses and upholstered furniture and is already on the market.
-BRICS slam protectionism as China-U.S. spat overshadows G20 talks
Chinese President Xi Jinping and the leaders of major developing economies condemned protectionism at a G20 summit in Argentina on Friday overshadowed by U.S. President Donald Trump’s threat to escalate tariffs on China.
This year’s two-day gathering is a major test for the Group of 20 industrialized nations, whose leaders first met in 2008 to help rescue the global economy from the worst financial crisis in seven decades.
With a rise in nationalist sentiment in many countries, the G20 – which accounts for two-thirds of the world population – faces questions over its ability to deal with trade tensions, which have roiled global markets.
-‘Have you just not executed?’: Investors smash Coca-Cola shares
Investors have pounded Coca-Cola Amatil after it revealed continuing struggles in its Indonesian business, rising costs and a plan to consider asset sales.
The beverage giant held an investor day on Friday where it outlined a number of challenges, including continued struggles in Indonesia, the rising costs of PET resin, a key ingredient in containers for liquids and foods, and a strategy to sell loss-making fruit business SPC.
Managing director Alison Watkins also called out the impact of the new container deposit schemes across Australia as part of “choppiness” the company had experienced recently.
Investors responded by wiping 14.46 per cent off the company’s share price, sending it to a six-month low of $8.64.
-Can Saudi Arabia Stop the Slide in Crude Prices?
The meeting of the G20 developed economies that began in Buenos Aires Friday has plenty on its agenda, not least of which is what two of the world’s top three crude oil producers plan to do to stop the decline in oil prices that has lopped more than 20% off the price in just two months.
Russian President Vladimir Putin and Saudi Arabian Crown Prince Mohammed bin Sultan are scheduled to meet on the sidelines of the G20 meeting to discuss their next steps that are likely to be announced at next week’s meeting in Vienna of OPEC and its partners, including Russia.
Loop Industries, Inc., a leading technology innovator in sustainable plastic, has entered into a multi-year supply agreement with the Coca-Cola system’s Cross Enterprise Procurement Group (“CEPG”) to supply 100% recycled and sustainable Loop PET plastic (“Loop PET”).
Loop has a joint venture facility with Indorama Ventures Limited, a world-class chemicals company in the United States and a global integrated leader in PET and fibers that serves major customers in diversified end-use markets.
Authorized Coca-Cola bottlers can enter into supply agreements with Loop.
-Nova Chemicals Boosts Sustainability Efforts on Several Fronts and More
Advances in design of recyclable film structures and a major investment in a project reducing ocean plastics pollution discussed.
While attending the recent Global Plastics Summit (GPS2-18), now in its sixth year and hosted by IHS Markit and the Plastics Industry Association (PLASTICS), I had the opportunity to interview John Thayer, sr. v.p. of PE for Nova Chemicals.
Sustainability was a major theme running through this year’s event, and Thayer is among the industry representatives who are fervently seeking solutions to promote a plastics circular economy.
-Single-use plastic major cause of cancer, says kidney priest
Lays emphasis on recycling and segregation of plastic at source
Davis Chiramel, Indian Syro-Malabar Catholic priest from Kerala, also known as the Kidney priest, was in the city today for his campaign “I challenge plastic bottle”.
Priest Chiramel said he was disheartened as he had to bury six people who died due to cancer. He found that one of the major reasons behind this was increase of single-use plastics and their improper disposal.
“Micro plastics are entering what we eat and drink. It is becoming one of the major causes of cancer and other diseases,” he said.
