Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 29 October 2021.

Mideast petchem demand mixed post-pandemic; polymers upbeat
The Middle East petrochemical market has emerged mixed in its demand for key petrochemicals, as the region gradually recovers from the impact of the peak pandemic.

High production costs to provide support to Asian PTA markets
Asian purified terephthalic acid (PTA) markets are likely to be supported by high production costs, a firm upstream energy market, and relatively healthy demand outside of China.

Crude falls further on US crude stock build, Iran nuclear talks
Benchmark crude prices fell on Thursday during Asian trading hours, declining by as much $2/bbl at one stage before recovering.

This follows on from large falls in the previous session. The price decline comes after the US Government’s Energy Information Administration (EIA) revealed a larger-than-expected 4.3m-barrel build in US crude stocks and on news that Iran nuclear talks will resume by the end of November.

Asia plasticizers demand to remain under pressure
Asia’s plasticizers demand is expected to remain thin as eroded margins, chip shortages and China’s energy rationing will continue to crimp operating rates at downstream plants.

Crude at multi-year highs on tight global supply, demand recovery
Crude prices are trading at multi-year highs on Monday, with US crude at a seven-year high, extending strong gains on the back of recovering global demand against the backdrop of tight supply.

VIDEO: Asia methanol Q4 sentiment bullish amid strong energy prices
Watch ICIS analyst Ann Sun discuss the Asian methanol market outlook for the rest of 2021.