Global Best Chemical & Petrochemicals Data Base, Chemical Prices

Oil prices dived on Monday overpowering the gains made after major oil producers agreed for output cuts, pressured by concerns that the cuts will be too little to come out of the oversupply situation as the coronavirus pandemic incurs unprecedented slump in global crude demand. This deal was signed after four days of intense negotiations as the OPEC+ group of oil producers, comprising the OPEC countries, Russia and other countries, agreed to curtail their outputs by 9.7 million(bpd) in May and June. Brent crude futures slipped by 1.7%, at $30.96 a barrel by 08:10 GMT after opening at $33.99, however, US West Texas Intermediate (WTI) crude futures fell by 0.5%, to $22.64 but remained oscillating between positive and negative values throughout the day. Visit more info:  https://www.chemanalyst.com/NewsAndDeals/NewsHome Analyst View on OPEC+ Deal Analysts believe that the deal signed to introduce production cuts is ...

Polymer producers around the world are forced to curtail their production activities as the combined blow of Coronavirus and crude oil crash has hard hit the sector. Prices of Polyethylene and Polypropylene in the international markets have followed a downtrend as feedstock ethene, ethane and propylene witnessed downward pressure due to sudden slump in crude oil. The oil price war initiated by Saudi Arabia has brought a huge downturn in the oil industry which is anticipated to impact almost all the economy driving sectors of the world. When China is resuming factory operations, the unprecedented campaigns launched by the governments in rest of the countries to prevent the spread of the contagious virus have almost put a halt on the economic activities. Asian refiners are curtailing production sensing muted demand from the downstream polymer industry. Demand Outlook Demand for polymers being used in food packaging, healthcare products and sanitizers is high as consumpt...