Oil declines after Russia sees no deal with OPEC next week

US oil rig count rose by three to 428 this week.

SEATTLE (polymers.in):  US oil rig count rose by three to 428 this week.
- The gas rig count fell by two to 94.  

Oil Declines After Russia Sees No Deal With OPEC Next Week
- Oil fell below USD 50/bbl after Russia cast doubt over a deal any time soon with OPEC.
- Futures slipped 1.3% in New York after closing above USD 50 for the first time since June on Thursday.
- Brent for December settlement fell 58 cents or 1.1% to USD 51.93/bbl.
- US crude inventories dropped by 2.98 million bbl to 499.7 million bbl.  

Rosneft’s $5.3 Billion Oil Deal May Lift Ruble, Yudaeva Says
- Vladimir Putin’s government gave Rosneft permission to buy a 50.08% stake in Bashneft PJSC this week.
- The ruble is set for its third weekly appreciation, strengthening to 61.9525, the highest level since October 2015.  

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Return of length to European propylene market allows exports: sources
- According to a trader, he had exported 3,700 MT of propylene from Antwerp, Belgium for Cartenga, Columbia last week.
- NWE propylene supply grew as force majeure had been in place on Borealis’ polypropylene production at Kallo, Belgium.  

HIP Petrohemija plans 10 day maintenance shutdown at ethylene plant in Serbia
- Serbian petrochemicals producer HIP Petrohemija plans to suspend operations from Oct 9 to 19 for an overhaul of its ethylene plant.  

Royal Dutch Shell plans restart of ethylene cracker at Pulau Bukom, Singapore
- Royal Dutch Shell expects to restart its ethylene cracker at Pulau Bukom, Singapore to repaid a compressor.  

Growth in US ethylene capacity building momentum for exports
- US Gulf Coast ethylene capacity will grow by approximately 12 million MT/year in the next few years.  Polymers Price
Solid PS, PET resin prices rise
- Solid PS prices in the region bounced up an average of three cents per pound in September after seeing a two cent hike in August.
- Regional PS prices now are up a net of sex cents per pound since 1 Jan.  

WTI and Brent Crude oil rise. European polymers rise, US and Asian static
- WTI and Brent crude oil rose over the week to 7th Sept to USD 49.60 and USD 51.72/bbl.
- Supply from OPEC has risen to 33.60 million bbl/day in September from a revised 33.53 million bbl/day in August.
- European polymer prices rose over the week to 7th October with increases of between 5 and 25 EUR/MT.
- Asia polymer prices were relatively unchanged apart from a reduction of USD 35/MT reported in the price of Polystyrene and an increase of USD 5/MT noted in the price of PVC.  

Hot speculative mood spreads in PP market, prices up further.  

Polymers Demand
Why The Political Populists Are Being Successful
- The real, inflation-adjusted incomes of two-thirds of households in 25 advanced economies were flat or fell between 2005 and 2014.
- In Europe, at least 11% of its population and 17% of its territory had been affected by water scarcity.
- In the US, just 0.1% of the country’s GDP is being spent on job centres, retraining scheme and employment subsidies. 

PetroRabigh restarts PE units in Saudi Arabia
- PetroRabigh has brought on-stream its HDPE and LLDPE units following an unplanned outage.
- PetroRabigh is located in Jubail, Saudi Arabia, the HDPE and LLDPE units have a production capacity of 300,000 MT/year each. 

Courtesy: www.polymers.io

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