Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 26 November.

New coronavirus variant concerns slam oil, raise new woes
A concerted effort by major consuming nations to cap the run up in crude oil prices this week, on the face of it, failed miserably – prices rose after the US, China, India, South Korea, Japan, and the UK agreed to release reserves.

Europe stocks, crude down sharply as new coronavirus variant sparks travel bans
European markets and crude oil prices were suffering their own Black Friday as a new highly transmissible coronavirus variant detected in South Africa sparks travels bans from countries in the region.

Europe petchems logistics costs up as Rhine barges only able to load at 40-60%
An extraordinarily dry November has brought down water levels on the River Rhine, preventing barges from fully loading and pushing petrochemicals logistics costs higher.

Oil price spikes driven by ‘artificial tightness’, spare capacity underutilised – IEA
Artificial tightness is a significant factor behind current tight oil pricing, International Energy Agency chief Fatih Birol said, criticising the policy stances taken by several key producers in failing to intercede more strongly to calm markets.

Europe methanol downtrend pauses on firmer demand in late Q4
European methanol demand is expected to remain robust heading into December, supporting spot prices after a rapid decline.