HOUSTON (ICIS)--Here are the top stories from ICIS News from the week ended 10 January.
Swirling global developments are clouding the outlook for chemicals - from the US-Iran tensions and impact on crude oil, to an imminent phase 1 US-China trade deal, and weaker manufacturing data across the board for the US, Europe and China.
Lower olefins and polymers prices pushed the US IPEX down in December by 2.66%, helping to lower the global index value by 0.45% to 204.66.
Petrochemical prices fell sharply on average in 2019 as demand growth weakened and supply length increased.
An escalating conflict between the US and Iran in the Middle East would hurt the global economy with a big knock-on effect on chemicals demand, an ICIS consultant says.
Enterprise Products Partners and Navigator Holdings confirmed on Wednesday that a first cargo of ethylene has been exported from their 50/50 joint venture marine terminal at Morgan’s Point, Texas, on the Houston Ship Channel.
Tensions continue to escalate between the US and Iran, with several large shippers reportedly halting traffic through the Strait of Hormuz but oil prices have failed to sustain spikes, although implications for petrochemicals remain substantial.
Chinese trade delegations will travel to Washington during 13-15 January to sign the US-China Phase 1 trade deal, the Ministry of Commerce said.
Value creation of chemical assets under private equity ownership depends mostly on operational performance improvement and growth rather than negotiating a good price or timing the market, said panellists at a meeting of the Chemical Marketing & Economics Group (CME).