Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 24 April.

US April PS contracts decline on weaker feedstocks, slower demand
US polystyrene (PS) contracts for April were assessed 9 cents/lb ($198/tonne) lower on plunging upstream costs and weaker demand.

VIDEO: US naphtha to face sustained downward pressure amid muted demand

Watch Markets Reporter, Michael Sims, discuss how low oil prices and weak demand during the coronavirus pandemic are weighing on US naphtha markets.

US chem stocks rise as oil recovery continues
US-listed shares of chemical companies rose again on Friday as oil futures continued to recover.

ADM to idle two US fuel ethanol plants
US fuel ethanol producer is idling two of its plants in Columbus, Nebraska, and Cedar Rapids, Iowa, as demand destruction continues in the industry.

US chem shares rise as oil futures surge
US-listed shares of chemical companies rose for the second day on Thursday as oil futures rallied again.

ICIS View: Political appeal distracts from energy solutions amid crisis in Mexico
Amid unprecedented energy market changes, a power market resolution from the head of Mexico’s Senate energy committee is a distraction from issues that could worsen as the administration resorts to resource nationalism for perceived political gains ahead of 2021 elections.

US chemical shares, stock market rise with oil prices
US-listed shares of chemical companies and the general stock market rose on Wednesday in tandem with oil prices, the third day in a row that the group moved in lockstep.

US ethanol production at lowest level since 2010 – EIA
Ethanol production declined – by 7,000 bbl/day – to 563,000 bbl/day—marking the lowest level since the Energy Information Administration (EIA) began reporting ethanol production statistics in 2010.

ICIS WEBINAR: US plastics production expected to decline in 2020, recovery expected in 2021
US plastics production is likely to decline in 2020, before recovering in 2021, according to Perc Pineda, chief economist with PLASTICS. He gave his remarks at a joint webinar presented on Wednesday by ICIS, PLASTICS and Berry Global, part of a series being hosted by ICIS.

ICIS WEBINAR: Demand for plastics for PPE, wipes to stay elevated post coronavirus – Berry exec
for personal protective equipment (PPE) and sanitizing wipes will likely remain elevated, even after the coronavirus lockdowns wind down, an executive from US-based finished plastics producer Berry Global said on Wednesday.

ICIS WEBINAR: US must slash crude oil production as storage capacity could run out by May
After US WTI crude oil prices plumbed negative territory for the first time in history, there are growing fears that storage capacity will soon run out, taking out any floor in pricing.

US chem shares fall again as oil prices plummet
US-listed shares of chemical companies fell again on Tuesday as oil prices continued falling. Brent futures for June delivery fell by $6.24/bbl to close at $19.33/bbl.

US WTI plunges into negative territory in historic trading amid mounting storage concerns

Storage concerns pushed NYMEX WTI crude futures for May delivery deep into negative territory in a historic day of trading ahead of Tuesday’s contract expiration.

Chem shares plunge as oil futures turn negative
US-listed chemical shares fell sharply on Monday as the front month for West Texas Intermediate (WTI) went negative for the first time.

73 US ethanol plants now idled, 71 significantly reducing operations
According to the ethanol trade group, The Renewable Fuels Association (RFA), 71 ethanol plants in the US are now idled with 71 significantly reducing operations to deal with the impact of the coronavirus as it destroys fuel and fuel ethanol demand.