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COVID-19 - News digest as of 27.07.2021

July 27/2021

1. Dow sees strong petrochemical demand in a number of end-markets

MOSCOW (MRC) -- Dow Chemical, one of the largest US petrochemical companies, saw packaging, construction materials and coatings, industrial and electronics markets surge in the second quarter amid strong demand and higher chemical and resin pricing, reported S&P Global with reference to CFO Howard Ungerleider"s statement July 22. "Strong consumer trends continue in retail, housing, and the manufacturing sectors and inventory levels remain low across most of our value chains," Ungerleider said during the company"s Q2 earnings call. "We expect these dynamics to continue to support price strength in (Q3) as the industry works to fulfill pent-up demand." The company reported USD1.9 billion in profits, up from a USD225 million loss in Q2 2020, when demand cratered for many products amid the height of coronavirus pandemic-related shutdowns in many global regions.

2. ExxonMobil and SABIC reach mechanical completion of MEG and two PE plants in Texas

MOSCOW (MRC) -- ExxonMobil and SABIC have announced that their joint venture, Gulf Coast Growth Ventures located near Corpus Christi, Texas, has reached mechanical completion of a monoethylene glycol (MEG) unit and two polyethylene (PE) units, according to Hydrocarbonprocessing. Project startup is expected to begin ahead of schedule, likely in the fourth quarter of 2021. �Gulf Coast Growth Ventures is a key development of our plan to serve growing demand for our high value performance products,� said Karen McKee, president of ExxonMobil Chemical Company. �This is truly a best-in-class project, as demonstrated in schedule acceleration and cost competitiveness, despite the many challenges related to the COVID-19 pandemic.�

3. Crude oil futures rise in Asia on weaker dollar, but pandemic concerns limit increase

MOSCOW (MRC) -- Crude oil futures were higher during mid-morning trade in Asia July 27 as a weakened US dollar prompted buying activity, but upside was limited as the rising number of COVID-19 cases globally sapped market sentiment, reported S&P Global. At 11:17 am Singapore time (0317 GMT), the ICE September Brent futures contract was up 46 cents/b (0.62%) from the previous close at USD74.96/b, while the NYMEX September light sweet crude contract rose 35 cents/b (0.49%) at USD72.26/b. The ICE Brent and the NYMEX light sweet crude markers had edged up 0.54% and down 0.22%, respectively, on July 26, following a directionless trading session. The uptick in prices comes amid the depreciation of the US dollar ahead of the US central bank"s Federal Open Market Committee meeting, with the ICE US dollar index trading at 92.61 at 11.00 am, down 0.35% from the July 23 close.
Author:Margaret Volkova
Tags:Asia, PP, PE, monoethylene glycol (MEG), crude and gaz condensate, petrochemistry, Dow, Exxon Mobil, Sabic, COVID-19, USA.
Category:General News
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