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PP/PE/PS/PVC PRICES ASIA June 22nd,2009 |
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Written by bod010
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Tuesday, 04 August 2009 11:34
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Crude oil prices declined on Friday on indications that motor fuel supplies were likely to increase in the US due to gains in crude production by refineries.
Crude oil prices turned bearish as a report by the US Energy Department on June 17 stated that there was a rise in gasoline inventories by 3.39 million barrels to 205 million the week before, the biggest rise since January. The total daily demand for fuel has declined by 6 percent as compared to a year ago. The Energy Department also informed that in the week ended June 12, 9.13 million barrels of gasoline per day were produced by US refineries, an increase of 2 percent from the week before. Refinery operations were pegged at 85.9 percent of production capacity last week, an increase from 80.4 percent of production capacity in the week ended April 10. There was a rise in gasoline imports by 25 percent to 1.09 million barrels per day last week, the highest rise since April.
An International Energy Agency report dated June 11 stated that global demand for oil is slated to fall 2.9 percent this year to an average 83.3 million barrels per day. The report also said that oil consumption in the US, the world’s largest oil consumer, will decline by 4.9 percent to 18.55 million barrels per day.
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PP/PE/PS/PVC PRICES EUROPE June 22th,2009 |
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Written by bod010
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Tuesday, 04 August 2009 09:08
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Crude oil prices declined on Friday on indications that motor fuel supplies were likely to increase in the US due to gains in crude production by refineries.
Crude oil prices turned bearish as a report by the US Energy Department on June 17 stated that there was a rise in gasoline inventories by 3.39 million barrels to 205 million the week before, the biggest rise since January. The total daily demand for fuel has declined by 6 percent as compared to a year ago. The Energy Department also informed that in the week ended June 12, 9.13 million barrels of gasoline per day were produced by US refineries, an increase of 2 percent from the week before. Refinery operations were pegged at 85.9 percent of production capacity last week, an increase from 80.4 percent of production capacity in the week ended April 10. There was a rise in gasoline imports by 25 percent to 1.09 million barrels per day last week, the highest rise since April.
An International Energy Agency report dated June 11 stated that global demand for oil is slated to fall 2.9 percent this year to an average 83.3 million barrels per day. The report also said that oil consumption in the US, the world’s largest oil consumer, will decline by 4.9 percent to 18.55 million barrels per day.
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PP/PE/PS/PVC PRICES ASIA June 29th,2009 |
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Written by bod010
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Tuesday, 04 August 2009 09:01
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Crude oil prices decreased on Friday on a statement by the US government that there was a rise in the US savings rate to the highest level in more than 15 years. This trend signifies that economic recovery in the world’s largest energy consuming country will be very slow.
Crude oil prices turned bearish after a statement by the US Commerce Department that household savings rate in the US had risen to 6.9 percent, the highest since December 1993. The data led to speculation that the US economy will continue to go further into recession as consumers stay away from making purchases. There was a fall for the first time in four days in the Standard and Poor’s 500 Index. It fell by 0.2 percent to 918.69. The Dow Jones Industrial Average fell to 8,438.16, a fall of 0.4 percent.
The fall in prices was also supported by a rise in unemployment rates in the world’s largest economy. The unemployment rate, which touched a 25 year high of 9.4 percent in May has risen tentatively to 9.6 percent in June, predicted by economists, ahead of the government’s monthly jobs report due to be released next week.
Crude prices were also pressured down as the weekly crude inventory report brought out by the US Energy Information Administration (EIA) for the week ended June 19 stated that there was an increase in gasoline inventories by 3.9 million barrels, more than market expectations of an increase of one million barrels. There was a gain in US distillate stocks by 2.1 million barrels, a much larger increase as compared to a forecast of gains of 800,000 barrels. However, there was a drop in crude stockpiles by 3.8 million barrels.
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