Oil rig count rises for 8th straight week

The oil rig count is about 13 rigs away from recovering all the losses recorded this year.

SEATTLE (polymers.in):  The oil rig count is about 13 rigs away from recovering all the losses recorded this year.
- Gas rigs increased by three to 129 and miscellaneous rigs were unchanged at one, taking the total up by 16 to 653.
- WTI crude oil futures traded lower but little changed down at 0.2% to USD 52.84/bbl. 

Oil futures dip following a surprise build in US crude stockpiles
- Brent crude oil futures dipped 1.5% to USD 54.5, while US crude futures dipped to USD 52.4/bbl.
- US crude stocks rose by 2.3 million bbl in the week to December 16. 

Putin sees oil prices stabilizing at USD 55/bbl, ready to work with OPEC further
- Russia hopes oil prices will stabilize in the Q2 of 2017 at around the current level of USD 55/bbl.
- Putin said Russia’s commitment to cut its crude production by 300,000 bbl/day over Jan-June would not have a major impact on the country’s crude output in general. 

UAE Expects Oil Prices to Rise More on Global Production Cuts
- Eleven non-OPEC nations said December 10 they will reduce output by 558,000 bbl/day.
- Oil rose 18% since November 29. 

Asian Stocks Fall After US Shares Slide, Oil Stays Under USD 53
- MSCI Asia Pacific Index dropped 0.4% to 134.72.
- Hang Seng China Enterprises Index 1.4%.
- Singapore banks were the biggest drag on the MSCI South East Asia Index.
- Philippine’s online gaming stocks sink, dragging index to lowest level since Feb 10. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Propylene prices edge lower in China
- CFR China prices were assessed at USD 915/MT levels, a week on week fall of USD 5/MT.
- FOB Korea prices of propylene were assessed steady at the USD 660/MT.
- PP raffia and injection grade prices were at USD 1035/MT CFR Far East Asia levels, a drop of USD 20/MT from the previous week. 

Ethylene prices slip in Asia
- On Friday, CFR North East Asia prices of ethylene were assessed lower at USD 1135/MT mark, a week on week fall of USD 15/MT.
- CFR South East Asia prices were assessed at USD 980/MT levels, a decline of USD 15/MT from the previous week. 

MEG prices continue to fall in Asia on Tuesday
- CFR China prices of MEG were assessed down at USD 825/MT, a sharp day on day drop of USD 20/MT.
- In the domestic markets of China, MEG prices were lower at Yuan 7260/MT levels. 

European MEG prices on the rise amid Asian arbitrage
- MEG pries were last assessed Friday at EUR 685/MT.
- Asian daily MEG prices were assessed at USD 840/MT CFR China, up 15.2% from a month ago. 

Sinopec commences construction of ethylene complex in Zhanjiang
- Sinopec has begun construction of an ethylene complex in South China’s Zhanjiang.
- The first phase of the mega projects will have an 800,000 tap ethylene complex and a 10 million tap refinery. 

Naphtha crack in Asia spikes to 3 week high
- Spiking by over 10%, Asia’s naphtha crack is at a three-week high of USD 73.7/ton.
- South Korea’s LG Chem paid discounts of about USD 1.50 - 2/ton to Japan. 

PTA price moves up amid rising feedstock cost
- Asian PTA prices were up USD 8 - 9/ton CFR China and CFR Southeast Asia market in the first week of December.
- Yisheng Petrochemical raised its selling price by USD 5/ton while Hengli Petrochemical also hiked USD 5/ton during the week.
- US PTA price for November was up US cent 0.34/pound on the week.

Polymers Price
Linear low density polyethylene (LLDPE) prices in Asia rise USD 10 - 25
- CFR Far East Asia prices of LLDPE were assessed up at USD 1165/MT levels, a week on week increase of USD 10/MT. 
- Feedstock ethylene prices on Wednesday were assessed at USD 1150/MT CFR North East Asia levels, a week on week increase of USD 10/MT.
- CFR South East Asia prices were assessed higher at USD 1185/MT levels, a rise of USD 25/MT from the previous week.
- CFR South East Asia prices of ethylene were assessed steady at USD 995/MT levels.
- In India, prices of LLDP were assessed at USD 1170/MT CFR levels.

PE imports to Ukraine rose 24% year on year in the first 11 of 2016
- PE into Ukraine increased to 238,700 MT in the first 11 months of 2016, up 24% year on year.
- November PE imports into Ukraine reached about 22,300 MT. 

Belarus Jan-Oct unmixed PVC imports down by 10.4% year on year
- Imports of unmixed PVC into Belarus decreased in the first 10 months of 2016 by 10.4% year on year, totaling 20,800 MT.
- Overall demand for PVC from local converters decreased to 20,800 MT in Jan - October 2016 from 23,300 MT a year earlier.

Courtesy: www.polymers.io

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