Textile Recycling PET Resin – “Chemical recycling holds immense potential, yet it isn’t a one-size-fits-all solution 17-08-2023 - Arhive

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Textile Recycling PET Resin

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Trützschler and Balkan Textile Machinery Forge Strategic Partnership in Pursuit of Textile Recycling Innovation

In a momentous collaboration, Trützschler, a renowned name in textile machinery, has joined forces with Balkan Textile Machinery, marking a pivotal step towards the enhancement of their recycling product lineup. This joint endeavor positions them as trailblazers in spinning preparation for recycling, elevating their stature as the premier full-liner in this niche. A convergence of technological finesse and industrial acumen now empowers customers to achieve the pinnacle of yarn quality using recycled materials.

Both Trützschler and Balkan Textile Machinery are family-owned entities that hold the cause of sustainability dear in the textile industry. With a stronghold in Turkey – a textile recycling epicenter – Balkan Textile Machinery boasts reliable and robust machines primed for cutting, blending, and segregating textile waste into individual fibers. This machinery further compacts these fibers into bales of secondary fibers, seamlessly integrating with Trützschler’s equipment in the preparation process. Textile Recycling PET Resinv

Markus Wurster, Director of Sales and Marketing at Trützschler Group, expressed the significance of this partnership, stating, “We are now able to provide a complete line-up of technologically leading machinery which has been specifically developed for rotor and ring yarns from recycled materials.” He underscored the streamlined approach and reliability of the combined processes, highlighting the simplified project execution for customers, reinforced by Trützschler’s exceptional service.

Osman Balkan, Owner of Balkan Textile Machinery, echoed this sentiment, expressing his satisfaction in aligning with Trützschler’s international prowess. He stressed the global impact their collaboration could make in tackling textile waste challenges.

A testament to Trützschler Card Clothing’s relentless innovation, the company has harnessed the evolution of card clothing to conquer the intricacies of processing secondary fibers. Focused on enhancing yarn quality, the company designed the MT/PT 45R flat top for recycled materials, an amalgamation of the MT/PT 40’s strength and MT/PT 45’s cleaning potency. The synergy between the flat top and cylinder wire emerged as pivotal in ensuring top-tier yarn quality, driving the development of various cylinder wires tailored to diverse recycling applications.  Textile Recycling PET Resin

The culmination of this partnership, aptly named Truecycled, propels Trützschler’s recycling installations into the limelight. Truecycled provides manufacturers with the means to attain premium end-products from hard waste, underpinned by a reliable and replicable manufacturing process. The Truecycled process, characterized by Trützschler’s technological insights and machinery lineup, crafts an optimal solution for recycling. Notably, Trützschler collaborated with a fashion company to transform their pre-consumer waste into a ring yarn containing a remarkable 60% recycled content – a living testament to the capabilities of the Truecycled approach.

The comprehensive offering set to debut in June 2023 will encompass tearing lines, blow rooms, cards, draw frames, card clothing, and unwavering service support, presenting a holistic solution for recycling needs. Markus Wurster asserted that this forthcoming package would symbolize their commitment to advancing the recycling landscape.

In a world grappling with mounting environmental concerns, Trützschler and Balkan Textile Machinery’s collaborative venture stands as a beacon of innovation and sustainability. Their shared dedication to crafting optimal recycling solutions has forged a powerful alliance that not only elevates their industry status but also fuels the drive towards a more sustainable textile future. Textile Recycling PET Resin

Textile Recycling PET Resin

Overcoming Challenges in Recycling PET Resin: Transforming Bottles to Flakes and Back

The mounting scarcity of raw materials has become an escalating concern in recent times, exacerbated by growing consumption rates. The vulnerabilities within supply chains were starkly exposed during the pandemic, prompting producers to reevaluate their operations. Despite this, numerous powder and bulk industries remain capable of doing more to mitigate the impact of material shortages.

Material scarcities can arise due to various factors, some of which are controllable while others are not. The powder and bulk sector faces potential shortages from both suppliers and customers, either of which could disrupt operations severely and potentially lead to business closures.

In this discourse, we will delve into the prospect of increasing the utilization of recycled raw materials, focusing specifically on recycled plastic water bottles (rPET). The plastic water bottle industry has been under intense scrutiny when it comes to sustainability. The recycling of plastics commences within municipal recycling facilities (MRFs), characterized by a rather messy process. Textile Recycling PET Resin

Manual and mechanical sorting takes place, predominantly targeting plastics. Plastic bottles are separated and compacted into bales for transportation to dedicated recycling facilities. Here, the bales are broken down, and the bottles are categorized based on color. Subsequently, the sorted plastic undergoes grinding or shredding, producing plastic flakes or pellets. This process invariably introduces some metal contamination from shredder blades.

Magnetic separators have proven effective in eliminating ferrous metal contaminants with negligible product loss. Cutting-edge neodymium magnets have made it feasible to prevent any ferrous metal contamination from bypassing the magnetic separator. However, addressing non-ferrous metal contaminants like stainless steel or aluminum, which lack magnetic properties, necessitates the integration of a metal detector with a rejection mechanism. Though these mechanisms can be programmed for optimal efficiency, a fraction of non-ferrous metal particulates might still evade detection due to various factors. Textile Recycling PET Resin

Consequently, the rPET obtained from this process may be around 92% free from metal contamination. While this figure might seem satisfactory, bottling companies seeking to utilize rPET demand a much higher level of purity, aiming for 99.9% metal-free material. Considering that rPET is derived from ground-up plastic bottles and will be remanufactured into new bottles, ensuring negligible contamination is paramount.

The process of reclaiming rejected bottles for use in new bottle production demands a meticulously refined recycled product. A prevailing trend involves deploying a cascade of metal detectors to eliminate metal contaminants from rPET. As more plastic flakes or pellets originating from recycled plastic bottles are reused in new bottle manufacturing, purity becomes an increasingly critical factor. The solution lies in iterative passes through metal detectors, each time achieving a higher degree of purity. While this might appear repetitive and time-consuming, purpose-designed systems can streamline the process.

By stacking multiple metal detectors consecutively, the mechanical improvement in product purity can be harnessed. The viability of adopting multiple metal detectors hinges on variables such as flow rates, detector types, and required monitoring levels. Significantly high flow rates, capable of supplying a substantial portion of the PET required for injection molding operations, can yield substantial plastic conservation, contributing to landfill reduction and environmental preservation. The market for clean rPET is expanding, driven by mounting pressures from consumers and environmental advocates for sustainable packaging solutions. Textile Recycling PET Resin

PET bottles continue to maintain their prominence, yet the impetus to enhance their sustainability is surging. A market for clean rPET is indeed present, though the initial collection phase faces challenges due to labor costs and resource constraints. Some markets have introduced deposit return schemes (DRS), encouraging the return of sorted bottles for recycling. In anticipation of a future national plastic bottle program in the US, efforts are underway to establish comprehensive legislation that will ensure a consistent supply of recycled PET bottles.

For processors involved in recycled PET content, the concept of employing a stacked metal detector system offers promise. By conducting tests on their equipment and tracking metal contamination reduction with successive recycling passes, processors can establish their target levels of purity. Validation from original equipment manufacturers (OEMs) can further solidify results, potentially leading to the implementation of such systems.

In conclusion, the journey from PET resin to bottles and back again through recycling presents a series of challenges that require innovative solutions. As the importance of sustainable practices gains momentum, industries must adapt to stringent demands for purity and environmental responsibility, ultimately contributing to a more circular and resource-efficient future. Textile Recycling PET Resin

Textile Recycling PET Resin

Arburg’s Presence at Fakuma 2023: Commitment to Sustainability, Innovation, and Progress

Arburg, a pioneer in plastics processing solutions, is poised to unveil its cutting-edge capabilities at the Fakuma 2023 event. Under the banner of “There is only a Plan A,” the exhibition aims to underscore the company’s dedication to advancing sustainability, digitalization, automation, and energy efficiency in the realm of plastics. With nine captivating displays within its designated space in Hall A3 and an additional ten machines showcased at partner stands, Arburg will offer live demonstrations showcasing the latest trends, applications, and processes in both injection molding and 3D printing.

Encompassing Arburg’s comprehensive offerings in sustainability, digitalization, automation, and energy efficiency, the “Plan A” initiative is a testament to the company’s holistic approach. It’s a declaration that there’s no alternative, no fallback—”Plan B”—to these critical aspects of modern manufacturing. Textile Recycling PET Resin

A Highlight to Celebrate: Introducing the New Hybrid Machine

In a fitting tribute to the centenary of the Hehl family company, Arburg unveiled the ALLROUNDER 470 H machine earlier in 2023. The festivities continue with the launch of the 520 and 570 sizes, debuting at Fakuma 2023. Available in Comfort, Premium, and Ultimate performance tiers, these machines promise to elevate plastic processing capabilities. A particularly captivating exhibit, the ALLROUNDER 520 H Premium, will utilize a 1+1+1-cavity mold to craft a meticulously detailed ALLROUNDER machine base, scaled down to 1:18, from ABS.

Navigating the Future with ‘arburgSOLUTIONworld’

Expert guidance awaits visitors at the ‘arburgSOLUTIONworld’ section, where Arburg’s specialists will address meta topics such as energy, efficiency, workforce challenges, and future direction. Anchored by a striking three-meter-tall LED column, this interactive showcase will spotlight Arburg’s ‘Action Plan: Energy,’ ALS system, and arburgXworld, illuminating the company’s dedication to these focal areas. Beyond its functional significance, the LED column embodies the company’s unwavering commitment to these crucial themes. Textile Recycling PET Resin

Synergy of Digitalization, Automation, and Sustainability

Arburg will ingeniously present the integration of digitalization and automation through a practical example—a tire lever production process. This demonstration illustrates how these synergistic components streamline plastic part manufacturing, boasting not only efficiency but also 100% traceability. Another captivating exhibit involves a GOLDEN ELECTRIC 470 E ALLROUNDER, working in tandem with a Yaskawa six-axis robot, skillfully processing post-consumer recyclate (PCR) to craft toy dolphins. These intricate creations are meticulously fashioned from PCR based on ABS, exemplifying the intricate possibilities achievable through advanced processes.

A Fusion of Innovation and Responsibility

Arburg will showcase the manufacturing of tool cases featuring their distinctive design. Crafted from Recopound material derived from post-industrial recyclate (PIR), specifically PET films, this innovative exhibit underscores the company’s dedication to sustainability. This application ingeniously reimagines waste materials, transforming them into functional and aesthetically appealing products. Textile Recycling PET Resin

Pushing Boundaries in Injection Molding

In the realm of injection molding, Arburg continues to push boundaries. An ALLROUNDER MORE 1600, equipped with two electric injection units, will vividly demonstrate energy-efficient two-component injection molding. This technology will be employed to produce a container formed from thermoplastic (PBT) and liquid silicone (LSR), showcasing both efficiency and versatility. Additionally, an all-electric ALLROUNDER 720 A ‘Ultimate’ packaging machine will revolutionize packaging with its production of IML round cups featuring an astonishingly thin wall thickness of only 0.37 millimeters—an exemplar of sustainable and resource-efficient design.

A Glimpse of Future Possibilities

An intriguing glimpse into medical technology’s future will be presented through an IML process tailored specifically for labeled centrifuge tubes. This showcases Arburg’s ability to cater to diverse industries with tailored solutions, highlighting the adaptability and scope of their technology. Textile Recycling PET Resin

Partnering for Success

The influence of Arburg’s technological prowess extends beyond their exhibition space. Ten additional injection molding displays hosted at partner stands will further underscore the expansive applications and capabilities of Arburg’s machine technology, emphasizing the company’s role as a transformative force in the plastics processing industry.

In summary, Arburg’s presence at Fakuma 2023 stands as a resounding testament to their unwavering commitment to progress, sustainability, and innovation in the plastics processing domain. With a comprehensive showcase of cutting-edge technology and groundbreaking applications, Arburg continues to be a driving force in shaping the future of manufacturing.

Textile Recycling PET Resin

China currently finds itself in a precarious situation, prompting speculation about how President Xi Jinping will navigate the mounting pressures from both Washington and Taiwan

The tensions surrounding Taiwan are an ongoing concern, now elevated to a code red status, but beneath this external crisis lies a deeper and more complex set of challenges, primarily centered around China’s economy and its political-military posture.

Economically, China faces a significant crisis, with the construction sector at the forefront of its struggles. However, the roots of this crisis trace back to a haunting history of mass infanticide that resulted in the absence of around two hundred million potential citizens. The government’s former policy of enforcing a “one child per family” rule led to the suppression and drowning of approximately 180 million newborn girls. Consequently, the demographic makeup of China is skewed, with a shortage of females and a surplus of demographically sterile males. This imbalance has led to a collapse in the domestic market and mass consumption, extending its repercussions even to Western economies. The woes of the Chinese construction sector reverberate globally, impacting European and American stock exchanges. Textile Recycling PET Resin

The second dimension of China’s crisis is of a political-military nature, further exacerbated by the audacious actions of US President Joe Biden. Despite Xi Jinping’s threats, Biden extended an invitation to William Lai, the vice president of Taiwan, for an official visit to New York. Lai’s trip follows a visit to Paraguay where he sought contracts for rare earth minerals—resources that Taiwan is a significant global producer of, with many of its companies being based in the United States. This move constitutes an open challenge to Beijing’s authority, as Taiwan is considered part of Chinese national territory. Although Taiwan has maintained a separate existence from Beijing for over a century, this territorial dispute remains a highly sensitive issue.

Historically, Taiwan was occupied by Generalissimo Chang Kaishek after Mao Zedong’s communist army emerged victorious in the Chinese civil war. This occupation led to international recognition of Chang Kaishek as the legitimate leader representing China at the United Nations. However, the dynamics shifted when American President Richard Nixon engaged with Mao, marking the beginning of more favorable Sino-American relations aimed at countering the Soviet influence. As the Cold War concluded and the Soviet Union disintegrated, China underwent transformation into a modern industrial nation, fueled in part by its strong trade ties with the United States.

The ascent of Xi Jinping within the Communist Party brought a shift in China’s focus. A substantial portion of China’s resources was diverted to bolster its military capabilities, particularly in the Taiwan Sea, with the aim of rivaling American power projection in the region. Xi’s approach to foreign policy has been somewhat uncertain, as demonstrated by his handling of Russia’s unexpected military actions in Ukraine. This uncertainty prompted Biden to adopt a more assertive stance, pushing China to make a choice between economic recovery and military adventurism. Xi faces the delicate dilemma of avoiding loss of face while simultaneously grappling with the prospect of an internal crisis if exports to the United States decline. The prospect of rural grievances and internal conflicts further complicates his decision-making. Textile Recycling PET Resin

China has issued warnings about closely monitoring developments between Taiwan and the United States, emphasizing its vigilance in real-time. The White House, on the other hand, seems convinced that China’s economic interdependence with the United States renders it susceptible to diplomatic influence. However, this assumption is not without its risks, as a dramatic economic downturn in China could potentially trigger domestic instability. In this high-stakes geopolitical chess game, the world watches with bated breath as China balances on the tightrope between external pressures and internal challenges. The outcome of this intricate balancing act will undoubtedly shape the course of global politics and economics in the coming years.

China currently finds itself in a precarious situation, prompting speculation about how President Xi Jinping will navigate the mounting pressures from both Washington and Taiwan

“Chemical recycling holds immense potential, yet it isn’t a one-size-fits-all solution

The “Let’s Discuss Chemical Recycling” series by the German VDMA association’s Plastics and Rubber Machinery division engages experts and stakeholders in the chemical recycling realm.

Jochen Schofer, Head of Sales at Coperion GmbH’s recycling business unit, emphasizes the importance of eliminating poorly designed and non-recyclable products as a primary objective. Textile Recycling PET Resin

Mr. Schofer, how does chemical recycling contribute to the circular economy?

In principle, chemical recycling can play a significant role, but its effectiveness hinges on its integration with mechanical recycling. Success also relies on global acceptance of the circular economy, extending beyond Europe and Germany. In many regions, limited waste collection systems or even their absence impedes sufficient waste streams for recycling. While numerous multinational corporations are adopting chemical recycling, there’s hope that they’ll contribute to establishing the necessary global recycling infrastructure.

Chemical recycling displays tremendous potential and has yielded promising results thus far. However, it remains in its early stages compared to the established mechanical recycling. Chemical recycling’s advantage lies in its ability to process plastics that are difficult to handle mechanically—especially as industries like construction and automotive generate increasingly diverse plastic waste. This highlights chemical recycling’s crucial role in promoting a circular economy.

Where does chemical recycling surpass mechanical recycling?

Chemical recycling’s major advantage over mechanical recycling is its capacity to handle all plastic types. Unlike mechanical recycling, which requires segregated material streams (e.g., polyethylene or polypropylene), chemical recycling can also tackle composite materials. However, a prerequisite for cost-effective operation is a substantial material stream. Plans for large-scale chemical recycling plants with throughputs of up to 25 tonnes per hour are already in motion. Textile Recycling PET Resin

What is Coperion’s primary focus in recycling methods?

As machinery developers, our aim is to support the plastics industry on its circular economy journey. We provide solutions for chemical recycling, mechanical recycling, and other processes like solvent-based recycling, which separates two different polymers while degassing the solvent in the extruder. Our technologies cater to various plastic material streams, whether well-sorted or poorly sorted. The choice between pre-sorting or focusing on oil quality processing in chemical recycling depends on economic efficiency. Given its energy-intensive nature, larger plants may prioritize upstream steps, while smaller facilities might invest in processing recovered oil.

Did you encounter technological challenges?

As pioneers in virgin plastics processing, we’ve adapted our product range to serve the recycling sector with innovative solutions. Handling contaminated materials, low bulk weights, and high moisture contents prompted us to develop, adjust, and optimize our technologies. For instance, in chemical recycling, we devised a novel technique to degas chlorides directly within the extruder. Textile Recycling PET Resin

Will the circular economy resolve the waste issue?

Both chemical and mechanical recycling aren’t magic solutions. They substantially contribute to waste mitigation, but additional efforts are necessary. Primarily, product design must minimize poorly recyclable plastics. If these plastics saturate the market, there’s a risk of incineration instead of recycling. Our primary goal should be to avoid producing and using poorly recyclable plastics, marking a crucial step toward a functional circular economy.”

"Chemical recycling holds immense potential, yet it isn't a one-size-fits-all solution

Indorama Demonstrates Resilience Amid Challenging Environment: 2Q23 Earnings Reflect Modest Recovery

Indorama Ventures Public Company Limited (IVL), a leading chemical producer, exhibited resilience in the face of a challenging operational landscape during the second quarter of 2023. Despite a moderately improved performance compared to the previous quarter, the prevailing weak global operating conditions continued to exert influence on the company’s financials. The reported EBITDA for the quarter stood at $321 million, reflecting a 7% increase compared to the previous quarter. However, this figure also signified a significant year-on-year decrease of 68%. In contrast, sales volumes demonstrated resilience, showing a 4% quarter-on-quarter growth. This growth came amid the ongoing process of destocking in the global chemicals industry that began after reaching its peak in the fourth quarter of 2022. Textile Recycling PET Resin

The company highlighted that the market dynamics were significantly affected by China’s strategy of boosting exports to counteract diminished domestic demand. As a consequence, global margins witnessed a decline due to an oversaturation of the market with cost-effective commodity materials. In response to this complex scenario, Indorama Ventures has embarked on a multifaceted strategy to mitigate the challenges.

Among the measures being undertaken, the company is focusing on intensifying efforts to reduce working capital and capital expenditures. With a targeted goal of achieving $500 million in cash savings for the year, these efforts aim to enhance financial flexibility. Additionally, the company is strategically optimizing its European manufacturing footprint. This optimization process, combined with the continued dedication to efficiency enhancement, aligns with the ongoing business transformation initiative known as Project Olympus, which was initiated in 2020. Indorama Ventures also places emphasis on further digitalization and organizational improvements, ensuring a forward-looking approach to operations. Textile Recycling PET Resin

Looking ahead, Indorama Ventures anticipates an improvement in sales volumes during the latter half of the year. The implementation of these strategic measures is expected to yield positive results, coinciding with a gradual improvement in the industry outlook.

The company’s largest business segment, Combined PET, demonstrated robust performance with a remarkable 37% increase in EBITDA compared to the same quarter in the previous year. Anticipated growth in sales volumes over the next six months is attributed to the optimization of manufacturing operations in Europe and the progression of expansion projects in India. In contrast, the Fibres segment faced challenges stemming from lower margins in the lifestyle market and subdued demand for hygiene products in Europe. This segment reported an EBITDA of $20 million, depicting a 37% decrease in comparison to the second quarter of 2022. The Integrated Oxides and Derivatives (IOD) segment also encountered difficulties, experiencing a 27% quarter-on-quarter decline in reported EBITDA, which amounted to $94 million. Textile Recycling PET Resin

However, Indorama Ventures’ Deputy Group CEO, DK Agarwal, expressed confidence in the company’s ability to navigate these challenging conditions. Agarwal noted, “We are using the slowdown to optimize our asset footprint and drive operational excellence to remain in the first quartile cost position in the markets we serve.” He further underscored the company’s positive trajectory, forecasting mid-cycle returns in 2024 driven by effective leadership and the utilization of advanced digital tools and SAP S4/Hana infrastructure to enhance operational efficiency and customer engagement.

Indorama Ventures Public Company Limited, listed on the Thai stock exchange, maintains a global presence in the petrochemicals sector, spanning across Europe, Africa, the Americas, and the Asia Pacific region. The company’s diverse portfolio includes Combined PET, Integrated Oxides and Derivatives, and Fibers. With a global workforce of approximately 26,000 employees, the company achieved a revenue of $18.6 billion in 2022. Notably, Indorama Ventures is included in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI), reflecting its commitment to sustainable business practices. Textile Recycling PET Resin

Indorama Demonstrates Resilience Amid Challenging Environment: 2Q23 Earnings Reflect Modest Recovery

MEGlobal, a significant player in the petrochemical industry, has recently revealed its anticipated pricing strategy for September 2023

Specifically, the company has put forth its monoethylene glycol (MEG) Asian Contract Price (ACP) for September, setting it at an unaltered value of USD 810 per metric ton. This stands in direct comparison to the preceding month’s pricing, where MEGlobal also designated the same value of USD 810 per ton for its August ACP. This steady stance on pricing highlights the company’s deliberate approach in maintaining consistency in its pricing structure. Textile Recycling PET Resin

The quoted price of USD 810 per ton is established on a CFR (cost & freight) Asia basis, indicating that the price encompasses the cost of the product, as well as freight charges, making it a comprehensive assessment of the economic factors involved. This pricing strategy reflects MEGlobal’s dedication to transparent and inclusive pricing, which considers not only the cost of production but also the logistical expenses associated with delivering the product to the Asian market.

It is pertinent to recollect that MEGlobal had previously declared its ACP for August 2023, setting it once again at USD 810 per ton. This represented an increment of USD 20 per ton compared to the previous month’s ACP, which was priced at USD 790 per ton in July. This upward adjustment in August’s ACP underscored the dynamic nature of pricing in the petrochemical industry, influenced by factors such as supply and demand fluctuations, production costs, and market trends.

MEGlobal’s unswerving pricing approach for September, maintaining the same figure as August, can be interpreted as a strategic maneuver to balance market stability and customer relations. By keeping the price constant, the company aims to provide its clients with a sense of predictability, enabling them to plan their procurement and budgeting strategies with greater confidence. Textile Recycling PET Resin

In conclusion, MEGlobal’s decision to sustain its monoethylene glycol (MEG) Asian Contract Price (ACP) at USD 810 per ton for September 2023 reflects a strategic commitment to stability in an industry often marked by volatility. The company’s adherence to a CFR Asia basis for pricing underscores its holistic approach to cost evaluation. This move follows a slight price increase in the previous month, illustrating the multifaceted nature of pricing determinants in the petrochemical sector. As MEGlobal continues to navigate the complex landscape of petrochemical pricing, its consistent pricing strategies underscore its dedication to fair and transparent pricing practices.

MEGlobal, a significant player in the petrochemical industry, has recently revealed its anticipated pricing strategy for September 2023

Oil falls as China fears counter tight US supply

  • Summary
  • US crude stockpiles fall by nearly 6 million barrels – EIA
  • Minutes of Fed meeting due at 1800 GMT
  • Concerns on China’s economy remain key price driver

Oil prices fell on Wednesday despite a large drawdown in U.S. crude stocks as investors weighed worries about China’s embattled economy against expectations of tighter supply in the United States.

Brent crude futures fell $1.23 to $83.66 a barrel by 1:13 p.m. EDT (1713 GMT), while U.S. West Texas Intermediate crude (WTI) fell $1.33 to $79.66.

Both benchmarks fell more than 1% in the previous session to their lowest since Aug. 8.

U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates, despite crude production rising to its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday.

However, product supplied of gasoline fell by 451,000 barrels per day in the week as peak driving season draws to a close.

“We’re still seeing a subpar gasoline number…it looks like we’re past peak summer travel season for many,” said John Kilduff, partner at Again Capital LLC in New York.

China’s sluggish economy has remained in focus, after retail sales, industrial output and investment figures failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown.

July activity figures have prompted concerns that China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus, and calls for authorities to take decisive steps. Textile Recycling PET Resin

Without giving details, a cabinet meeting chaired on Wednesday by Premier Li Qiang said China would continue to introduce policies aimed at boosting consumption and promoting investment.

Both the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies, and the International Energy Agency (IEA) are banking on China – the world’s biggest oil importer – to galvanise crude demand over the rest of 2023.

While dismal Chinese economic indicators have been causing headaches, providing a justified excuse for investors to go on the defensive, the global oil balance shows no signs of loosening up, PVM analyst Tamas Varga said, citing the latest numbers on U.S. crude inventories.

Investors will also have eyes on minutes from the Federal Reserve’s July policy meeting for further cues on interest rate strategy at the world’s biggest oil consumer.

More….

Oil falls as China fears counter tight US supply

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Textile Recycling PET Resin