Lingering Logistics and Tumbling Crude are Bringing Austerity to The Chemical Markets
Crude oil prices rallied on Tuesday on indications
that Saudi Arabia and Russia will agree to induce output cuts at a video meeting
on Thursday, 9th April. As per the recent reports from the Russian
state-run media outlet TASS, representatives from the U.S., Canada,
U.K., Brazil, Norway, Argentina, Columbia, Egypt, Indonesia, Chat and Trinidad
and Tobago are invited to the virtual OPEC meeting.
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Moreover, the rebound in the oil prices is
further supported as oil majors Exxon Mobil (XOM) and the Dow Jones anticipate
a significant decline in their capital expenses. Analysts predict that even if the
two agree for a huge cut of 10 million bpd, the demand loss would be much
lesser than what has been expected in Q2 20202 and would bring stability to the oil market which
has been tumbling since the onset of the oil-price war. Oil prices spiked on
Tuesday, with WTI Crude surging by 1.00% at $26.36 and Brent Crude remained at
$25.51 as of 10:21 a.m. CST.
Chemical Pricing: https://www.chemanalyst.com/ChemicalPricing/ChecmPriceYearlyChart?Customer=False
Mixed xylene prices have tumbled to record lows in the month of April as global markets face repercussions of severe crude war and COVID-19. A significant reduction in trade flows could be observed post the outbreak of the pandemic which has weighed heavily over the global supply-chains. Moreover, curtailed operations in the manufacturing sectors to control the spread of the virus has further created a huge dent in the global petrochemicals demand outlook. Weakened crude post the crude-oil price war has further made the market lengthier crashing the downstream sector to record several year lows in terms of pricing since the month of March.
Key Headlines
·
Oil prices rebound on hopes for
a positive outcome during Saudi-Russia meeting
·
Asian refiners cut operating
rates as demand collapses further
·
Exxon to reduce it capital
expenditure by 30% to adapt to falling crude
·
KNPC announces completion of
biofuel project at Al-Ahmadi refinery
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