15 July 2013 15:00 [Source: ICIS news]
HOUSTON (ICIS)--Here are some of the top stories from ICIS Americas for the week ended 12 July 2013.
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Initial US styrene contracts flat to slightly down for June
Initial US June styrene contract settlements have emerged at rollovers to declines of about 1 cent/lb ($22/tonne, €17/tonne) last week, according to trade participants on Monday.
IMF lowers its global economic outlook for 2013
The International Monetary Fund (IMF) on Tuesday lowered its outlook for the global economy, saying that weaker consumer demand in developing nations and a protracted recession in the euro zone are impeding growth.
US olefins markets quiet in between pair of settlements
US olefins markets have slowed down as ethylene just completed a triple-month settlement and the July propylene contract is expected to settle, sources said on Tuesday.
Shell to spend over $115m to settle US Clean Air Act violations
Shell has agreed to invest more than $115m (€90m) on pollution control and pay $2.6m in civil penalties to resolve alleged violations of the US Clean Air Act at its Deer Park refinery and chemical plant in Texas, the Department of Justice (DOJ) and Environmental Protection Agency (EPA) announced on Wednesday.
US crude futures surge $2.99/bbl on falling inventories
NYMEX light sweet crude (WTI) for August delivery extended the previous session’s gains, settling at $106.52/bbl, up $2.99, in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a substantial drawdown in crude and gasoline inventories.
BD and SBR are in freefall, but the arbitrage play is on SBR
Call it a tale of two petrochemicals.
Styrene-butadiene-rubber (SBR) and butadiene (BD) have both seen the bottom fall out of their respective markets over the past year, mainly because of a global downturn in the replacement-tyre market.
Valero to spend up to $700m on methanol plant in Louisiana
Valero, the largest independent refiner in the US, plans to build a 1.6m-tonne methanol plant near New Orleans and have it running by early 2016, the company said on Thursday.
US June styrene contracts down slightly on weaker benzene
US June styrene contracts have settled at 76.75-80.75 cents/lb ($1,692-1,780/tonne, €1,286-1,353/tonne) this week for an average decline of 0.50 cents/lb, according to trade participants on Friday.
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