OPEC cuts lend some support to dipping oil prices

SEATTLE (polymers.in):  WTI at Midland, Texas, tumbles 45 cents/b on host of regional infrastructure issues
- March-delivered WTI at Midland ended the day at March cash WTI plus 10 cents/bbl, down 45 cents/bbl. 

Oil dips on record US inventories, but OPEC cuts lend some support
- Brent crude futures were trading at USD 55.69/bbl, down 6 cents from their last close.
- US WTI crude futures dropped 10 cents to USD 53.01/bbl.
- Crude inventories rose 9.5 million bbl in the week ended Feb 10. 

Kuwait Boosts Oil Capacity to Open Taps Once OPEC's Cuts Expire
- State-run KOC plans to raise the Gulf nation’s capacity from its current level of 3.15 million bbl/day.
- KOC is producing 2.7 million bbl/day.

US Shale Oil OPEC
- November OPEC announced that it would enact 1.2 million bbl/day of production cuts on January 1st.
- US rigs doubled from 200 to 400, but oil production hardly responded. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
LyondellBasell announces increase of 2 cents/lb. in US MEG for March
- LyonellBasell plans to increase US MEG prices by 2 cents/lb. in March.
- LyondellBasell also rose diethylene glycol pricing by 4 cents/lb. effective February 15.
- US spot MEG pricing was last assessed Friday at 39.00 - 40.00 cents/lb. FOB USG.
- February US MEG contract was assessed at 42.71 - 43.21 cents/lb. up 2 cents from january and the highest since July 2015.

Polymers Price
High density polyethylene (HDPE) climb in Asia
- In Far East Asia, HDPE film prices were assessed up at USD 1200/MT CFR levels, a week on week increase of USD 10/MT. HDPE blow moulding prices were assessed at USD 1170/MT levels, while HDPE injection moulding prices were assessed at USD 1160/MT levels, both up USD 10/MT from the previous week. HDPE yarn prices were up at USD 1190/MT levels, a week on week rise of USD 5/MT.
- In South East Asia, HDPE film prices were assessed at USD 1210/MT CFR levels, a week on week increase of USD 20/MT. HDPE yarn prices were at USD 1210/MT levels, up USD 10/MT on the week. HDPE injection prices were higher at USD 1180/MT levels, while HDPE BM prices were assessed at USD 1190/MT levels, both up USD 10/MT from the previous week.
- In India, HDPE film were assessed up at USD 1180/MT CFR levels. HDPE BM were assessed at USD 1185/MT levels, while HDPE injection prices were at USD 1175/MT levels, both up USD 10/MT from the previous week. HDPE yarn grade prices were up at USD 1200/MT levels, a week on week rise of USD 5/MT. 

Mexico Pemex increases February PE prices
- The increase for LDPE amounts to 5.5%, while the HDPE is 6.0%.
- LDPE prices in Mexico are in the range of USD 1389 - 1477/MT, while LLDPE and HDPE prices at USD 1213 - 1257/MT.

Polymers Supply
Hanwha Chem to shut PVC plant for maintenance
- Hanwha Chemical is likely to take a PVC plant off-stream for a maintenance turnaround in March 2017 for around 10 to 15 days. 

India may turn into net PE exporter in H2 as new plants start up
- India may turn into a net exporter of PE in the second half of 2017.
- India’s domestic PE capacity will increase by 2.01 million MT by mid-year.

Courtesy: www.polymers.io