Americas top stories: weekly summary

ICIS Editorial

06-Apr-2020

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 3 April.

US chem shares fall even as oil rises for second day
US-listed shares of chemical companies fell on Friday even as oil prices rose for the second day on the prospect that the world’s major oil producers could reach an agreement to limit output.

US March styrene contracts plummet amid demand erosion, plunging upstream benzene
US March styrene contracts were assessed at a significant decrease on Friday, falling by 15 cents/lb ($330/tonne), amid demand destruction from efforts to stop the spread of the coronavirus and plunging upstream benzene costs.

Chem stocks rally as Brent crude rises 21%
Many US-listed shares of chemical companies rose sharply on Thursday after crude futures rallied on news that Saudi Arabia and Russia could reach an agreement.

PODCAST: US automotive industry shutdowns and their impact on chemicals
As the US automotive industry remains shutdown due to the coronavirus, chemicals are facing an additional hit to demand.

INSIGHT: Saudi, Russia oil deal may delay storage crisis
A possible oil deal between Russia and Saudi Arabia could delay when the world runs out of crude storage.

US manufacturing contracts in March; outlook negative on coronavirus – ISM
US manufacturing activity returned to a contraction in March, with a negative trajectory amid coronavirus concerns.

ICIS WEBINAR: Regulations bolster R-PET market amid coronavirus
Sustainability pledges and regulations are bolstering the market for recycled polyethylene terephthalate (R-PET), even amid the effects of the coronavirus and the crash in oil prices.

Mexico’s health emergency declaration could slash energy demand
The national health emergency Mexico’s federal government declared 30 March could significantly reduce local energy demand.

US chems plunge in market rout, oil continues falling 

US-listed chemical stocks fell with the rest of the market on Wednesday as the Dow Jones Industrial Average fell by 4.44%.

US fuel ethanol prices hit new low on weak demand

US fuel ethanol prices continued to fall sharply this week. Benchmark Chicago Hub prices are now assessed at $0.80-0.81/gal.

Oil prices, US stock markets get break from volatility
Oil prices and US stock markets got a break from volatility on Tuesday following weeks of wide price swings.

ICIS WEBINAR: Global chemicals must prepare for extended economic downturn, lower-for-longer oil
The global chemical sector should prepare for an extended downturn along with lower-for-longer oil prices, both of which will have major implications for profitability and future investments.

ICIS WEBINAR: With few exceptions, chems see sharp price declines
Unless they are connected to hygiene, prices for most petrochemicals are falling sharply because of weak demand caused by the coronavirus (Covid-19) and the crash in oil prices.

US April benzene contracts drop over 50% on falling global crude values
US April benzene contracts settled at $1.21/gal FOB (free on board), a drop of more than 50% from March, as global crude values continue to move spot prices lower.

PODCAST: US IPA faces strong demand amid coronavirus outbreak
The US isopropanol (IPA) market faces upward pressure as strong demand for hand sanitizer and other cleaning products continues during the coronavirus outbreak.

US chem shares mixed as oil prices reach 18-year lows
Shares of US-listed chemical companies were mixed on Monday as oil prices reached 18-year lows. Brent crude oil futures for May settled at $22.76/bbl, down by $2.17//bbl, down by $1.42/bbl.

LyondellBasell to slow construction at US PO/TBA plant amid coronavirus concerns
LyondellBasell will be slowing down construction at its propylene oxide (PO) and tertiary butyl alcohol (TBA) plant in Channelview, Texas, the company said on Monday.

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