US gasoline futures closed lower on Monday

(ICIS) -- Gasoline futures closed lower on Monday after east-coast refineries reported few disruptions caused by Hurricane Irene. Hurricane Irene's expected path passed over six crucial east coast refiners, and some expected to see significant storm surges.

Gasoline settled at USD 2.9064/gal, down 2.82 cents from before the storm on 26 August. Crude, meanwhile, gained USD 1.90/bbl for a settlement of USD 87.27/bbl.

Prices for gasoline futures surged on 25 August as investors expected supply disruptions because of refinery shutdowns and long-term damage. But this was not the case. Instead, at least one refinery remains shut down and two refineries remain at reduced rates following Hurricane Irene's sweep up the US east coast.

Refinery operators took the steps as a precaution to any possible damage or injury that could be caused by the storm.


MRC

(Sibur) -- By the decision of the sole participant in ⌠SIBUR LLC, dated August 4, 2011, the articles of association were amended, whereby the position of ⌠President in relation to the person heading SIBUR, has been changed to ⌠CEO. This decision was made in connection with the process of unification of the names of the sole executive bodies of all companies belonging to the SIBUR group. Accordingly, as of the date that the new charter for SIBUR was registered on August 16, 2011, the official name of the head of the company is the CEO of ⌠SIBUR LLC - Management organisation of the JSC ⌠SIBUR Holding.

Also due to the redistribution of powers of the Board of JSC ⌠SIBUR Holding in favour of the Board of ⌠SIBUR LLC, the quantitative composition of the Board of JSC ⌠SIBUR Holding has been reduced to five persons, according to a decision taken by the Board of Directors on August 25, 2011.

MRC

(ICIS) -- Chinese petrochemical major Sinopec reported on Monday an 11.9% year-on-year surge in first-half 2011 net profit to CNY41.2bn (USD 6.45bn) given sharp increase revenue, which offset heavy losses in its refining business.

Total turnover for the six-month period jumped 31.5% year on year to CNY1,233bn, with the company's operating profit rising 5.7% to CNY58.4bn, the company said.

Its refining segment incurred a CNY12.2bn loss in January-June 2011, sharply reversing a CNY5.7bn profit made in the same period last year, because of spikes in crude prices.

Fuel prices are regulated in China, preventing oil companies to immediately pass on their high cost of production to consumers.

MRC

(ICIS) -- High European monoethylene glycol (MEG) spot prices are dampening demand, buyers said on Friday. ⌠Europe is too high...if [our] customers aren't buying at these numbers, why should we? a buyer said, adding that the current price ⌠kills demand. Bulk price ideas are between EUR 950-1,000/tonne (USD 1,357-1,429/tonne) CIF (cost, insurance and freight) NWE (northwest Europe), according to ICIS.

Europe is a net importer and has been receiving spot product from the US where prices command a replacement cost of around EUR 940-950/tonne CFR (cost and freight) NWE, a trader explained. A reseller would have to add to this in order to make a profit.


European producers said recently that their prices had stepped up to those of alternative imports, particularly as there are domestic shutdowns planned for September and the fourth quarter. The lack of bulk material has added an element of tightness to what is otherwise a balanced market, at least for now, players said.

MRC

(Arabian oil and gas) -- Iran's OPEC governor announced on Saturday that if oil prices continue their downward trend under the shadow of the global economic crisis, OPEC may react by cutting its production, according to Iran's state-backed Mehr news agency.

However, Mohammad Ali Khatibi told Mehr, ⌠seasonal demand for oil will grow in the near future, which can trigger the oil prices up.

Khatibi predicted if the current economic crisis continues in the major oil consuming countries, especially in Europe, it's probable that oil prices fall more. In these circumstances Khatbi may attempt to convene an emergency OPEC meeting with a view to cutting production.

Khatibi has criticized Saudi Arabia - the only producer in OPEC with a meaningful amount of spare capacity - for unilaterally increasing its oil output without formal OPEC approval following the failed OPEC meeting on 8 June.

MRC