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COVID-19 - News digest as of 11.06.2021

June 11/2021

1. Crude oil futures slip in Asia after hitting fresh highs

MOSCOW (MRC) -- Crude oil futures slipped during mid-morning trade in Asia June 11 after settling at fresh highs as the OPEC Monthly Report for June reinforced a positive demand outlook for the second half of the year, reported S&P Global. At 10.50 am Singapore time (0250 GMT), the ICE August Brent futures contract was down 57 cents/b (0.79%) from the previous settle at USD72/b, while the NYMEX July light sweet crude contract was down 51 cents/b (0.73%) at USD69.83/b. The ICE Brent contract settled at USD72.52/b on June 10, the highest in over a year after the front month contract settled at USD72.62/b on May 16, 2019. Additionally, the NYMEX light sweet crude contract settled at USD70.20/b on June 10, and was last higher at USD71.92/b on October 16, 2018, S&P Global Platts data showed.

2. US PE exports fall 12.5% YOY in Jan-Apr 2021

MOSCOW (MRC) -- US polyethylene (PE) exports in the first four months of 2021 were 12.5% lower than the January-April period of 2020, reflecting continued fallout from a deep freeze in February that forced weeks-long production shutdowns, according to S&P Global with reference to US International Trade Commission data June 9. The US shipped out 1.846 million mt of PE in the January-April period, down from 2.11 million mt in the year-ago span, the data showed. Production sharply curtailed by freeze-related shutdowns has largely rebounded, but the data reflects a lengthy recovery. Many force majeures on PE declared during the freeze remain in effect as producers race to meet strong demand in US and international markets while trying to restock inventories. "We continue to see demand strength coupled with constrained inventory levels as the industry manages the backlog of customer orders and supply pressures from the impact of" the February freeze, Dow Chemical CEO Jim Fitterling said at a June 3 conference.
Author:Margaret Volkova
Tags:Asia, PE, crude and gaz condensate, petrochemistry, COVID-19, USA.
Category:General News
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