Don’t be surprised to find an idle Spanish language interpreter or two along Vienna’s Helferstorferstrasse this week, as Latin America’s sole Opec members are preoccupied with their rocky home fronts. Venezuela and Ecuador appear content to let Opec´s heavyweights plus Russia hammer out the terms of the likely extension of a deal to restrict output. Their effective withdrawal means the region has less of a voice at the negotiating table, matching their loss of relevance in the market. Continue reading
You’re an oil refinery manager, somewhere in Europe. You can sell diesel for $570/t, or ethylene for $1,120/t. Even given higher costs for ethylene, petrochemical margins are looking a lot stronger than refining margins. So, which are you going to produce?
Limited flexibility in the auction schedule for buying pipeline capacity has resulted in an opportunity to profit from the NBP’s premium this winter being lost.
The NBP January and February contracts held a premium to the TTF wider than 4.45p/th from early September until the start of this week. This was enough to cover the cost of buying short-term BBL capacity to the UK from the Netherlands and other fees, such as the commodity charges.
The auto industry’s importance to the polypropylene (PP) market is growing all the time in Europe.
When announcing a study into adding the equivalent of a new PP plant in Europe, Borealis noted that growing demand for PP from car manufacturers will be a driver for new capacity investment down the road.
Saudi economic officials have issued a slew of statements aimed at reassuring investors — particularly from abroad — following the unveiling of King Salman bin Abdel-Aziz’s anti-corruption committee — headed by his son, crown prince Mohammad bin Salman — and the near simultaneous arrest of 11 princes, tens of past and present ministers, and senior officials and businessmen for investigation by the committee.