Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 18 May.

89% of non-OPEC 2018 supply growth from US – OPEC
Nearly 90% of the projected 1.7m bbl/day crude supply growth expected this year from non-OPEC countries is likely to come from the US, with the country also standing as the key driver of global uncertainty in the market, club of oil-producing nations OPEC said.

K+S’ Bethune mine in Canada shores up potash unit’s Q1 earnings
Increased output from its Bethune muriate of potash (MOP) mine in Canada helped German fertilizer major K+S ride out a late start to Europe’s spring fertilizer application season, the company said.

Europe glycol ethers peak demand season has a slow start in Q2
The second quarter is traditionally peak demand season for both European E-series and P-series glycol ethers, but demand this year has not yet reached sellers’ expectations and some players wonder whether it will improve later in the period.

German investors bearish on US Iran withdrawal, spiking crude, trade war fears
Investor confidence in Germany remained at its lowest ebb in several years for the second consecutive month following the US’ decision to break away from the Iran nuclear deal, spiking oil prices and trade war fears, research group ZEW said.

Europe PP sellers pushing for higher prices but volumes a priority
Polypropylene (PP) sellers are still pushing for higher prices in May but volumes are also a priority, according to buyers.

Total to exit Iran investments unless sanctions waiver is granted
French energy major Total said that it will have to pull out of its investments in sanctions-targeted Iran unless it is granted a project waiver by the US with the support of the French and European authorities.

Europe PE prices languish as crude prices reach highest point since 2014
Polyethylene (PE) prices are languishing at low levels in global terms, as crude prices reach their highest point since November 2014.

Availability issues outweigh price shocks in tight Europe PET market
The tightness of polyethylene terephthalate (PET) in Europe is such that the cost of material verges on inconsequential, sources said.