Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 29 May.

Indonesia’s Pertamina to upgrade Cilacap refinery without Saudi Aramco
Pertamina will upgrade its Cilacap refinery “independently” and without its joint venture partner Saudi Aramco, the Indonesian state-owned oil major said this week.

US chem shares lessen losses after Trump speech excludes China trade
US chemical shares rose  on Friday after a speech by US President Donald Trump made no mention of tariffs or the country’s phase-one trade deal with China.

US to keep China trade deal but withdraw Hong Kong exemptions
The US will maintain its phase-one trade deal with China, but it will remove the special treatment it gives Hong Kong, President Trump said.

VIDEO: US epoxy soft during pandemic, outlook cloudy amid restart
Watch Senior Editor Manager Tarun Raizada provide an update on US epoxy markets.

US IPA price ranges narrow as supply increases, demand stays high
Isopropanol (IPA) price ranges continue to narrow as the high end of the market sees declining prices.

PE price downturn an ‘over-correction’ – Dow CEO
Polyethylene (PE) prices have over-corrected based on a sharp collapse in crude oil prices in late April.

Dow wants clarity on US, China trade before pursuing megaprojects
Dow wants more clarity about how trade relations between the US and China will evolve before it pursues a large chemical megaproject, Dow CEO said.

PODCAST: US PE demand better than expected in May, packaging industry a bright spot
US polyethylene (PE) markets may be nearing a trough as demand improves and feedstocks move higher.

INSIGHT: US CO2 shortage persists amid lower ethanol, refinery rates
Falling production at refineries and ethanol plants in the US has caused a shortage of carbon dioxide (CO2), leading to surcharges that can sometimes exceed the price of the gas.

US fuel ethanol prices rise, concerns around US-China trade tensions mount
US spot fuel ethanol prices rose this week as demand continues to show signs of a recovery, although not as quickly as market participants had thought.

US May propylene contracts roll over on higher costs, lower demand
US May propylene contracts settled at a rollover from April, as rising feedstocks and less refinery production are being counter-balanced by coronavirus-softened demand.

US chem shares soar with stock market
US-listed shares of chemical companies surged on Tuesday with the general market, amid news of another company proceeding with plans to develop a vaccine against the coronavirus.

ICIS Webinar: Debt ratio spikes in chemicals amid coronavirus likely to be transitory – Moody’s
The expected increase in leverage ratios for US and European chemical companies amid the coronavirus crisis is likely to be transitory, analysts at credit ratings agency Moody’s Investors Service said on Tuesday.

US BD depressed into H2 on expected slow automotive recovery
US butadiene (BD) markets appear set to remain depressed into the second half of 2020 as the automotive sector reels from the economic and workforce impacts of coronavirus.

After volatility in March and April, US IPA markets see more consistency
Isopropanol (IPA) prices skyrocketed in March and April, as the coronavirus spread rapidly throughout the US and Western Europe.