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COVID-19 - News digest as of 21.10.2021

October 21/2021

1. AkzoNobel sees costs inflation peaking this quarter as it posts weaker earnings

MOSCOW (MRC) -- AkzoNobel's net income fell by 25.5% year on year to EUR164m in the third quarter following drop in operating profit due to significant raw material cost hikes, said the Dutch paints and coatings firm.  Dutch paints and coatings maker Akzo Nobel warned on Wednesday that raw material costs inflation could peak in the fourth quarter before stabilising next year as it reported weaker-than-expected quarterly core earnings. We expect the raw material situation in 2022 to be less hectic, Chief Executive Thierry Vanlancker said in a call with analysts, adding that inflation will still be at the forefront in the first half of the year. Hopefully we will get a little bit more breathing room, but were not betting on that, and our whole pricing plan and our whole market plan is based on the current situation, Vanlancker said. The rebound in economic activity as coronavirus restrictions are eased has exposed shortages across supply chains, with companies scrambling to find workers, ships and even fuel to power factories, threatening the recovery and keeping central bankers on high alert over inflation and its impact on rate decisions.

http://www.mrcplast.com/news-news_open-394590.html

2. Crude oil futures mixed in Asia after overnight rise

MOSCOW (MRC) -- Crude oil futures were mixed during mid-morning trade in Asia Oct. 21, following a rally overnight, but sentiment remained firm after an unexpected US inventory draw raised hopes of demand recovery, reported S&P Global. At 10:39 am Singapore time (0239 GMT), the ICE December Brent futures contract was down 6 cents/b (0.07%) from the previous close at USD84.49/b, while the NYMEX November light sweet crude contract rose 13 cents/b (0.16%) at USD83.55/b. "Crude prices rallied after US stockpiles unexpectedly declined and as gasoline demand strengthened despite the high prices at the pump," said OANDA's Senior Market Strategist Edward Moya, adding that the oil market deficit is not going away anytime soon as gasoline and distillate demand remains healthy, while jet fuel demand should pick up next month as international roars back.

http://www.mrcplast.com/news-news_open-394657.html

3. India says surging oil prices may create hurdles for post-pandemic economic recovery

MOSCOW (MRC) -- India said Oct. 20 that surging oil prices could potentially create hurdles for a post-pandemic economic recovery, and urged the world's leading producers to take steps to potentially rectify the current supply and demand imbalances, reported S&P Global. Speaking at the India Energy Forum by CERAWeek, Indian Petroleum Minister Hardeep Singh Puri said the steep rise in prices was a wake-up call that investments need to flow into the oil and gas sector consistently. "I am sure our friends in OPEC+ will take into account the sentiment voiced in forums like these. We are trying to ensure economic activity, but if high prices undermine that economic activity then economic activity will slow down and demand for oil and gas will also go down," Puri told the India Energy Forum.

http://www.mrcplast.com/news-news_open-394658.html


mrcplast.com
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, coatings, petrochemistry, paints and coatings, Akzo Nobel Functional Chemicals BV, COVID-19, India, USA.
Category:General News
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