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Saudi raises oil prices for buyers in Asia and United States

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  The North American crude oil market had experienced mixed prospects in Q3 of 2021. Hurricane Ida which made its landfall near Port Fourchon on the Gulf Coast in the last week of August had taken offline 96% of crude oil and 94% of natural gas production in the U.S. federally administered areas of the Gulf of Mexico (GOM), according to estimates by the U.S. Department of Interior’s Bureau of Safety and Environmental Enforcement. At least nine refineries had either shut down or had reduced production of Crude oil. The gross inputs into Gulf Coast refineries fell by 1.6 million b/d from the week ending August 27 to the week ending September 3. Many refineries had resumed operations by September end. Saudi Arabia has increased its oil prices on the 6th of December by $1 per barrel for its crude sold to Asia and United States and as indirect US- Iran talks on reviving a nuclear deal appeared to hit an impasse. Brent crude future for February gained $1.61 and by 2.3% to $71.49 while U...
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The USA Government Backs Lower Crude Oil Prices Foreseeing Ripple Effects of Energy Crisis

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 The USA government is in talks with the oil and gas industry to lower down the persistently increasing fuel costs responsible for sending shockwaves across the country. According to the ChemAnalyst database, the crude oil prices in USA reached USD 80.87 per barrel, a 7-year high value at the closing of the second week of October, registering a hike of 12% from the price values in the second week of September. The inflation in crude oil and natural gas prices in the country is being viewed as the repercussion of acute shortage of energy and alarmingly high prices of the energy fuels in major economies like Europe, China, and India. In the wake of the ripple effect from the ongoing energy crunch across the world and with an expected surge in winter fuel demands, the country fears the domestic fuel costs to break records if not tamed on time. The oil production in the USA has not been able to rebound since the COVID19 pandemic hit the country in 2020 and back in 2021. A further blo...
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Oil Prices to Plummet Following the First-Ever Public Auction of Crude Oil Reserves in China

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 China announced to emancipate crude oil from its strategic reserves with the intention to limit the inflating oil prices in the country. The decision comes as a relief amidst the incessantly rising energy costs that cover crude oil, natural gas, and coal. The repercussions of rising energy prices have hit some Chinese provinces where factories have reduced their plant operations due to electricity supply outages. The National Food and Strategic Reserves Administration confirmed to make state oil reserves available to select chemicals and refinery companies through its first-ever public auction that will be conducted phase-wise.  Crude oil is a naturally occurring hydrocarbon-rich fuel that is present in underground reservoirs and extracted through the drilling process. Crude oil is an extremely important fuel source that underpins industrial growth and modern living by providing fuel to the transportation sector, supplying energy for electricity generation, and providing fee...
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Prices of Propylene Glycol Rise in USA Amid Tight Feedstock Supply

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Propylene Glycol prices in USA have been rising since July with the prices at USD 2520 per tonne as per ChemAnalyst Database in August up almost 7% from the past month. The price rise is triggered by a tight feedstock Propylene Oxide (PO) supply. The supply of feedstock PO is low due to Dow Chemical’s force majeure which has further escalated buyer’s worries. Production has also been affected due to the hurricane Ida-related power outages and logistical constraints.  The demand on the other hand is high from the downstream Unsaturated Polyester Resin (UPR) market. Hence the price rise is supported by both the tight supply and buoyant demand.  Propylene Glycol is a viscous, colorless, odorless liquid. It has several applications including building and construction which is a growing market for Unsaturated Polyester Resin, transportation in which Propylene Glycol is used as a deicing fluid, automotive coolant, and hydraulic and brake fluid.  The global Propylene Glycol dem...
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Crude Oil Buying Activity in Asia up Amid Falling Prices in the US

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  Crude Oil prices have been falling for the past week with Brent Crude down 5 cents (0.1%) at USD 68.98 per barrel on Wednesday after falling 0.7% on Tuesday. The falling prices have given a boost for the buying activity in Asia with the South Korean and Chinese refiners buying at least 5 million barrels of US Mars Crude loading in September in order to take advantage of the falling prices. Other grades including the West Texas Intermediate (WTI) and West Texas Light (WTL) which also have traction in the east are also being booked in Asia. Another reason for Asian countries showing more interest in US high-Sulphur crude is the ongoing production restraints being faced by the Middle East Producers and delay in the return of Iranian Crude Oil to the international markets. During the second quarter of 2021, Crude Oil supplies in the Asia Pacific region were balanced with demand outlook uncertain due to surge in COVID related complications in India which further restricted the p...
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