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Crude oil futures rise in Asia as markets regained some calm after new COVID-19 variant sent oil prices plunging

November 29/2021

MOSCOW (MRC) -- Crude oil futures were sharply higher in mid-morning trade in Asia Nov. 29 as markets regained some calm after the new Omicron variant of the coronavirus sent oil prices plunging by more than 10% on Nov. 26, according to S&P Global.

At 9:41 am Singapore time (0141 GMT), the ICE January Brent futures contract was up USD3.24/b (4.46%) from the previous close at USD75.96/b, while the NYMEX January light sweet crude contract was USD3.44/b (5.05%) higher at USD71.59/b.

Investors were returning to buy the dip after markets plunged by more than 10% Nov. 26 on reports of a new COVID-19 variant from South Africa that appeared to be more transmissible and better able to evade immune responses.

However, analysts cautioned Nov. 29 that the impact of the new variant was still unclear.

"It's early days, with a lot more concern than facts. The virus may well be more transmissible, but it's hard to be sure yet. The symptoms are different from Delta, and seem to be mild in vaccinated young people (primarily fatigue), but it's fair to say that vaccinated young people have not been the most vulnerable group in the pandemic so far," ANZ analysts Brian Martin and Daniel Hynes said in a note.

The emergence of the new variant may dampen hopes of a swift economic recovery after the coronavirus that causes COVID-19 first appeared in end 2019 and sent the global economy into a tailspin.

Several countries have already announced bans on flights from South Africa and neighboring countries, while Israel has become the first country to ban entry to all foreigners for 14 days from Nov. 28.

We remind that, as MRC informed before, earlier this month, TotalEnergies and Daimler Truck AG signed an agreement on their joint commitment to the decarbonization of the road freight in the European Union. The partners will collaborate in the development of ecosystems for heavy-duty trucks running on hydrogen, with the intent to demonstrate the attractiveness and effectiveness of trucking powered by clean hydrogen and the ambition to play a lead role in kickstarting the rollout of hydrogen infrastructure for transportation.

We also remind that TotalEnergies has recently inaugurated the extension of Synova in Normandy, the French leader in recycled polypropylene (PP) production. TotalEnergies is therefore doubling its mechanical recycling production capacity for recycled polymers, to meet growing demand for sustainable polymers from customers, such as Automotive Manufacturer (Auto OEM) and the construction industry.

According to MRC's ScanPlast report, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
Author:Margaret Volkova
Tags:Asia, Europe, PP, crude and gaz condensate, medicine, petrochemistry, Total Petrochemicals, Israel, USA, South Korea.
Category:General News
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