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COVID-19 - News digest as of 23.11.2021

November 23/2021

1. Hexion announced Q3 2021 results

MOSCOW (MRC) -- Hexion�s resin sales into China�s wind energy market have been down significantly in H2 2021, but that market should recover in the second half of 2022, said the company. The US-based adhesives, coatings and composites materials company supplies epoxy resins and systems to composite fabricators in the wind energy market. Last year, the wind market accounted for 17% of Hexion�s total sales. Rogerson said that customers in China"s wind blade manufacturing sector could not pass through high epoxy costs in their government contracts, which largely explains why production of blades has been �way down this year�. However, with blade inventories now at low levels, there was a base for a recovery to occur �probably not early in 2022, but sometime in the second half of 2022�, he said. Furthermore, the targets for wind and other renewable energies under China�s five-year plan remain in place, despite the current downturn, he said.

2. Crude oil futures go down in Asia as sentiment remains risk-averse

MOSCOW (MRC) -- Crude oil futures edged lower in mid-morning trade in Asia Nov. 23, paring modest gains notched overnight, as investors remained risk-averse despite recent comments by OPEC delegates that they could adjust their monthly output hike if governments choose to tap state oil reserves, reported S&P Global. At 10:12 am Singapore time (0212 GMT), the ICE January Brent futures contract was down 15 cents/b (0.19%) from the previous close at USD79.55/b, while the NYMEX January light sweet crude contract fell 31 cents/b (0.40%) to USD76.44/b. "Crude is responding to news that the US is set to announce a coordinated SPR release later Tuesday," said Vandana Hari, CEO of Vanda Insights.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, petrochemistry, recikling, adhesives, Hexion, COVID-19, USA.
Category:General News
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