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.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Contact us
Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.
Want to learn about how we can work together to bring you actionable insight and support your business decisions?
Need Help?