Oil supertankers brace for worst year since 2013 on OPEC cuts

WTI for January delivery declined 2.3% to USD 49.77/bbl.

SEATTLE (polymers.in):   A crude oil trader informed that prices dropped as the weekly fuel inventory report brought out by the US based IEA for the week ended 2 Dec, that gasoline rose by 3.4 million bbl.
- WTI for January delivery declined 2.3% to USD 49.77/bbl.
- Dated Brent for January fell 1.72% to USD 53/bbl. 

Crude futures rise ahead of weekend OPEC/non-OPEC meeting in Vienna
- NYMEX January crude settled at USD 1.07 higher at USD 50.85/bbl.
- ICE February Brent rose 89 cents to settle at USD 53.89/bbl. 

Oil Supertankers Brace for Worst Year Since 2013 on OPEC Cuts
- Very large carriers, 1,200 foot vessels each hauling 2 million bbl, will earn an average of USD 25,000/day next year.
- 14-non OPEC nations, including Russia are scheduled to meet with the producer group this weekend in Vienna. 

Oil Climbs as Scrutiny Shifts to Meeting on Non-OPEC Supply Cuts
- Future rose as much as 2.3%, paring a 3.9% loss.
- WTI for January delivery rose USD 1.07 to settle at USD 50.84/bbl.
- Brent for February settlement climbed 89 cents or 1.7% to USD 53.89/bbl.

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Leading polyester companies want CSRC to postpone the launch of MEG futures -Polyester companies MEG
- DEC announced previously that CSRC had officially approved the DCE to launch MEG futures.
- According to eight leading polyester producers, it’s not mature for MEG to trade in the future market, considering the supply and demand dynamics. 

Import prices of MEG in China increased by 4% - Prices MEG China
- Spot prices of imported MEG in China rose more than 4% due to the upward trend in the market.
- December 7 MEG spot prices in China were estimated at USD 825 - 840 level, CFR CMP.

Polymers Price
December prices of European PVC fell for CIS markets
- Negotiations over prices of European PVC for December shipments to the CIS countries began this week.
- Europe for December deliveries was settled down by EUR 30/MT from November, which decreased PVC production costs by an average of EUR 15/MT.

December prices of PP in the eastern Mediterranean remained at the level of November - PP Prices
- Prices injection PP raffia at USD 1000 - 1020/MT level.
- Prices of PP block copolymer for deliveries in December were at USD 1070 - 1090/MT.

Polymers Supply
Supply of polypropylene restarts from Polychim's France unit, FM not lifted
- Supply of PP from Polychim’s plant in Dunkirk, France has resumed following a technical difficulties that emerged restarting from maintenance.

Courtesy: www.polymers.io

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