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On Tuesday Crude oil prices climbed higher. “There’s the anticipation that OPEC+ is going to agree to extend their current levels for another two months, and along with that, the market anticipates the reopening of economies around the world will increase demand and will get us in a position such that, by August, the oil market will be in balance.”
Brent futures spiked by 3.26 percent settling at $39.57 per barrel. The WTI futures bolstered higher by 3.87 percent settling at $36.81 per barrel.
OPEC+ and others including Russia are considering extending their production cuts of 9.7 million barrels per day (bpd) , or about 10% of global output, in July or August, at a meeting expected to be held on Thursday.
The American Petroleum Institute on Tuesday reported that the U.S. crude supplies fell by 483,000 barrels for the week ended May 29, However, gasoline stockpiles rose by 1.7 million barrels, while distillate inventories gushed by 5.9 million barrels.
In the meantime, stockpiles at the storage hub at Oklahoma, slipped by 2.2 million barrels last week.
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💧 Shenhua Coal to Liquid and Chemical recommenced a Polypropylene unit following a turnaround.
As per the sources, the company restarted the operations at the unit last weekend. The unit was pulled off on 8 April 2020 for maintenance purpose.
The PP unit has a production capacity of 330,000 mt/year. Located in Yulin, Shaanxi, China.
💧 Jiangsu Sanmu Group brings its No. 4 Acrylic Acid unit on-stream following an unplanned outage.
Sources say the company restarted the operations at the unit on 28 May 2020. The unit was put on hold for maintenance purpose for about one week.
The No. 4 Acrylic acid unit has a production capacity of 80,000 mt/year. Located at Taixing in Jiangsu province, China.
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💧 Sinopec Beihai has placed its Polypropylene unit offline for an unplanned maintenance.
As per the sources, the company held the operations at the unit on 22 May 2020. The exact duration of the shutdown is been undisclosed.
The PP unit has a production capacity of 200,000 mt/year. Located at Beihai, Guangxi, China.
💧 PetroRabigh plans to recommence its No. 1 and 2 Polypropylene units following a turnaround.
Sources believe the company is likely to restart the operations at the units by the end of May 2020. The units were pulled up for maintenance in end-February 2020.
The two PP units have a production capacity of 350,000 mt/year each. Located in Jubail, Saudi Arabia.
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Reliance
MEG Basic Price Increased By ₹0.60/Kgs , New Basic Price Is ₹40.00/Kgs+GST
DEG Has Remained Unchanged At ₹38.40/Kgs+GST
GNFC
Acetic Acid Basic Price Increased By ₹1.01/Kgs , New Basic Price Is ₹28.41/Kgs+GST
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💧 Shenyang Paraffin Chemical re-continued its Ethyl Acrylate unit following an unplanned maintenance.
As per the sources, the company restarted the operations at the unit on 12 May 2020. The unit was pulled off in early February 2020.
The ethyl-A unit has a production capacity of 25,000 mt/year. Located at Shenyang in Liaoning province of China.
💧 Wanhua Chemical has recommenced two of three Butyl Acrylate units following an unplanned maintenance.
Sources say the company began the operations at the units on 3 May 2020. The unit was put on hold in mid-April 2020.
The two units butyl-A units have a production capacity of 240,000 mt/year. Located at Yantai, Shandong, China.
💧 Hengli Petrochemical plans to bring its No. 2 Monoethylene Glycol unit on-stream following an unplanned shutdown.
Sources believe the company is likely to carry on operations at the unit on 16 May 2020. The unit was pulled off on 14 May 2020, owing some technical issues.
The No. 2 unit has a production capacity of 780,000 mt/year. Located in Dalian, Liaoning, China.
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Reliance
MEG Basic Price Increased By ₹0.20/Kgs , New Basic Price Is ₹39.40/Kgs+GST
DEG Basic Price Decreased By ₹0.90/Kgs , New Basic Price Is ₹38.40/Kgs+GST
Mix Xylene Basic Price Increased By ₹1.00/Kgs , New Basic Price Is ₹28.00/Kgs+GST
Toluene Basic Price Increased By ₹3.50/Kgs , New Basic Price Is ₹30.50/Kgs+GST
BPCL
Benzene Has Remained Unchanged At ₹25.29/Kgs+GST
Fo Decreased By ₹0.35/Kgs, New Basic Price Is ₹18.34/Kgs+GST
Hexane/KL Increased By ₹4.00/Kgs, New Basic Price Is ₹45.10/Kgs+GST
LDO/KL Decreased By ₹0.20/Kgs, New Basic Price Is ₹21.14/Kgs+GST
MTO/MT Increased By ₹5.8/Kgs, New Basic Price Is ₹63.14/Kgs+GST
SBP/KL Increased By ₹4.00/Kgs, New Basic Price Is ₹46.95/Kgs+GST
Toluene Has Remained Unchanged At ₹32.00/Kgs+GST
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BPCL, MTO (Mineral Terpentine) Basic Price is expected to be raised by ₹5.00/Kgs on 15 May 2020.
Current Basic Price is ₹43.50/Kgs + Less 12 for Immediate Payment.
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💧 Formosa Chemical and Fibre Corp (FCFC) schedules to pull off its No. 1 Styrene Monomer unit in Mailiao.
As per the sources, the company has planned to restart a turnaround at the unit by mid-May 2020. The unit is likely to remain under maintenance for about a month.
The SM unit has a production capacity of 250,000 mt/year. Located in Mailiao, Taiwan.
💧 Cepsa Quimica is likely to take its Phenol-Acetone plant off-stream for a brief maintenance.
Sources say the company plans to hold the operation a the plant by mid-May 2020. The plant is to stay off for about 4 weeks.
The plant retains a Phenol capacity of 260,000 mt/year and Acetone of 165,000 mt/year. Located in Shanghai, China.
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💧 Formosa Chemical and Fibre Corp (FCFC) schedules to pull off its No. 1 Styrene Monomer unit in Mailiao.
As per the sources, the company has planned to restart a turnaround at the unit by mid-May 2020. The unit is likely to remain under maintenance for about a month.
The SM unit has a production capacity of 250,000 mt/year. Located in Mailiao, Taiwan.
💧 Cepsa Quimica is likely to take its Phenol-Acetone plant off-stream for a brief maintenance.
Sources say the company plans to hold the operation a the plant by mid-May 2020. The plant is to stay off for about 4 weeks.
The plant retains a Phenol capacity of 260,000 mt/year and Acetone of 165,000 mt/year. Located in Shanghai, China.
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💧 PetroChina Guangxi PC & RF has re-continued its Polypropylene unit following a maintenance turnaround.
As per the sources, the company began the operations at the unit on 1 May 2020. The unit was pulled up on February 2020.
The PP unit has a production capacity of 200,000 mt/year. Located at Qinzhou in Guangxi province, China.
💧 Jiangsu Sailboat Petrochemical held up one of its Acrylonitrile units at Jiangsu province.
Sources say the company held the operations at the unit on 4 May 2020. The unit is likely to stay under maintenance for about a week or two.
The ACN plant consists of two units, each having a production capacity of 130,000 mt/year. Located at Lianyungang in eastern Jiangsu provinces, China.
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Reliance
MEG Basic Price Increased By ₹0.60/Kgs , New Basic Price Is ₹39.20/Kgs+GST
DEG Basic Price Increased By ₹1.00/Kgs , New Basic Price Is ₹39.30/Kgs+GST
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💧 BASF-YPC schedules to shutdown its Monoethylene Glycol plant.
As per the sources, the company held the operations a the plant for maintenance on 6 May 2020. The plant is expected to stay under maintenance for about a month.
The MEG is located at Nanjing in Jiangsu province of China, having a production capacity of 300,000 mt/year.
💧 Shanghai SECCO Petrochemical plans to pull off its two Acrylonitrile units.
Sources say the company held the operations at the plant on 5 May 2020. The exact duration of the shutdown is been undisclosed.
The ACN units are located at Shanghai in China, having a production capacity of 130,000 mt/year each.
💧 Sinopec Beihai Refining & Chemical has re-continued its Polypropylene unit following a planned outage.
Sources believe the company has carried on the operations at the unit on 7 May 2020. The unit was pulled up for maintenance on 12 February 2020.
The PP unit is located at Beihai, Guangxi, China, having a production capacity of 200,000 mt/year.
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On Wednesday, after the Energy Information Administration (EIA) reported a higher than expected rise in the US crude oil inventories, Crude oil price declined. Also, the renewed tension between the US-China offset the optimism of the ease of lockdown in the European and Asian countries.
Brent futures nosedive by 4.04 percent making it at $29.72 per barrel, Whereas WTI futures plummet by 2.32 percent making it at $23.99 per barrel.
Oil prices were covered on Wednesday, after he US President Donald Trumph called out on Beijing over its mishandling of the outbreak, and alleged to levy additional tariffs on China.
The decline in oil prices refocused the market sentiments on the risk of oil oversupply in the middle of the pandemic driven collapse in fuel demand.
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💧 Nan Ya Plastics is about to shut its No. 1 MEG unit for maintenance purposes.
As per he sources, the company has planned to hold the operations a the unit in mid - July 2020. The unit is stated to go on under maintenance for about one month.
The MEG unit has a production capacity of 360,000 mt/year. Located in Mailiao, Taiwan.
💧 Formosa Plastics Corp (FPC) is currently operating its Acrylonitrile unit at lower capacity levels.
Source say the run rates a the units have been reduced to 75% of production capacity levels. The lower rates have been attributed to dull market conditions.
The plant consists of of two units, each having a production capacity of 140,000 m/year. Located at Mailiao in Taiwan.
💧 Henan Shunda plans to shut its Acetic acid plan in Henan.
As per he sources, he company has scheduled to to start maintenance at the plant on 20 May 2020. The plant stayed offline for about 3-4 days.
The Acetic acid plant has a production capacity of 400,000 mt/year. Located in Henan province of China.
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💧 Jiangsu Sopo Chemical is about to take off its Methanol plant for a turnaround.
As per the sources, the company has planned to pull off the operations at the plant early this week. The plant is expected to remain under maintenance for about a month or two.
The Methanol units has a production capacity of 500,000 mt/year. Located at Zhenjiang in Jiangsu province, China.
💧 Sinopec Zhenhai Refinery and Chem (ZRCC) plans to re-continue its Monoethylene Glycol unit following an unplanned outage.
Sources say the company is likely to resume operations at the unit early this week. The unit was put on hold on 16 April 2020 owing to feedstock availability issues.
The MEG unit has a production capacity of 650,000 mt/year. Located in Ningbo, Zhejiang province of China.
💧 Jiangsu Sopo Chemical is likely to put its two Acetic Acid units offline for a turnaround.
Sources believe the company has planned to held the operations at the unit early this week. The units are expected to remain off for about six weeks.
The two Acetic acid units have a production capacity of 400,000 mt/year and 800,000 mt/year respectively. Located at Zhenjiang in Jiangsu province, China.
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The oil market on Monday, 20th April 2020 witnessed its worst crisis in a generation. It ended with prices falling below zero, thrusting markets into a parallel universe where traders were willing to pay $40 a barrel just to convince somebody to take crude off their hands.
Some analysts are calling for sub-$10 prices since the OPEC+ meeting first took place. The Primarily what they argued, were outside of the control of any oil cartel. Now, with no sight for the near global quarantine caused by COVID-19 and oil storage nearing capacity, demands has all but dried up.
WTI for May delivery was lowered by over 90 percent; June delivery was only down 10 percent. Brent on the other hand, which is already trading on the June contract, is lowered by less than 6 percent, suggesting it is fears of U.S. storage capacity that are dragging on prices.
Meanwhile across the US markets, the oil rig count continued to fall gradually and painting a gloomy outlook for the industry. Last week the rig count dropped by a further 66, with talk about further shut-ins likely as spot prices remained under pressure.
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💧 JG Summit Petrochemical has carried on its Polypropylene plant following a maintenance turnaround.
As per sources, the company began the operations at the plant in mid-April 2020. The plant was under maintenance for about two weeks.
The PP plant has a production capacity of 190,000 mt/year. Located at Batangas, Philippines.
💧 Shanghai SECCO brought its Polypropylene plant on-stream last week.
Sources say the company completed turnaround at the plant in mid-April 2020. The plant remained under maintenance about 10 days.
The PP plant has a production capacity of 280,000 mt/year. Located at Shanghai, China.
💧 ENN Inner Mongolia Xinneng Energy brought its No. 2 Methanol plant online following a turnaround.
Sources believe the company has restarted its operations at the plant on 17 April 2020. The plant was pulled off for maintenance on 25 March 2020.
The No. 2 plant has a production capacity of 600,000 mt/year. Located in Shandong province, China.
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Reliance
DEG Basic Price Decreased By ₹1.20/Kgs , New Basic Price Is ₹37.50/Kgs+GST
MEG Basic Price Decreased By ₹0.60/Kgs , New Basic Price Is ₹38.90/Kgs+GST
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💧 Gujarat Narmada Valley Fertilizers Co (GNFC) is about to restart its Acetic Acid plant following an unplanned shutdown.
Sources say the company had shut the plant in the end of March 2020, following a declaration of the India lockdown to contain in the vast spread of the pandemic. The lockdown tenure was in advance announced to stay in force till 14 April 2020, which early this week was extended till 3 May 2020.
The Acetic Acid plant has a production capacity of 150,000 mt/year. Located at Bharuch in Gujarat state of India.
💧 Jiangsu Sailboat Petrochemical has re-continued its No. 2 Methyl Methacrylate unit following an unplanned outage.
As per the sources, the company resumed the production process at the unit in early April 2020 and is currently operating at 50% of its production capacity levels. The unit was pulled up on 12 February 2020.
The No. 2 MMA unit has a production capacity of 85,000 mt/year. Located at Jiangsu in China.
💧 Shanghai Wujing Chemical has carried on their operations at its No. 2 Acetic Acid unit following an unplanned outage.
Sources believe the company has already begun the operations at the plant on 13 April 2020. The plant will be stayed off for about two days owing to technical issues.
The No. 2 acetic acid plant has a production capacity of 450,000 mt/year. Located at Shanghai, China.
💧 Xinneng Fenghuang Energy Company has brought its Methanol unit online in Tengzhou.
Sources say the company has started the operations at the unit following an unplanned outage on 16 April 2020. The unit continued to remain off for a couple of days owing to technical issues.
The Methanol units have a combined production capacity of 920,000 mt/year. Located in Shandong province, China
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Reliance
Toluene Basic Price Decreased By ₹5.50/Kgs , New Basic Price Is ₹27.00/Kgs+GST
Mix-Xylene Basic Price Decreased By ₹2.00/Kgs , New Basic Price Is ₹37.00/Kgs+GST
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