Global crude oil collapsed to its lowest level since 2002, on heightened fears that the shutdowns due to coronavirus spread could last for months and demand outlook for fuel seems negative decline further. On Tuesday, by 10:40 a.m. EDT, Brent futures fell by 9.8 percent to $22.50 per barrel while US West Texas Intermediate (WTI) crude fell by 5.7 percent to USD 20.29. The plunge in oil prices had a positive impact on oil & gas stocks amid the lockdown challenges in the Indian stock market. Nifty Energy jumped over 3 per cent led by gains from Reliance Industries which jumped 4 percent followed by BPCL, GAIL India, HPCL, IOCL and ONGC which added 3 to 5 per cent. The volatility in global crude oil prices will further continue as the supply glut is likely to worsen as Russia and Saudi Arabia plan to produce more volumes in the coming days.
Visit more info: https://www.chemanalyst.com/NewsAndDeals/NewsHome
International Plant Shutdown NewsInternational Plant Shutdown News
• Byco Petroleum put in Cold Circulation Amid Low Demand
Pakistan’s Byco Petroleum Pakistan limited has been put on cold circulation on low demand for petroleum, oil and lubricant products (POL) as an outcome of lockdown in certain provinces to constrain the spread of Coronavirus in the country. The company is not shutting down the operations completely as to avoid delay in staring the operation if the demand suddenly picks up.
• INEOS Nitriles Shuts Acrylonitrile Plant
INEOS Nitrile’s, Acrylonitrile plant in Dormagen, Germany has been shut due to planned maintenance related issue. The plant has the production capacity of 100KTPA and is likely to restart by the first week of April.
Key Headlines
• Covid-19 halts two major refinery projects of ExxonMobil
• Saudi Aramco to sell stake in its pipeline unit at USD 10B
• Oil prices plunge on shattered demand, refiners to curb production cuts
• Deepak Fertilizers to ramp up IPA production up to 10 times to support sanitizer production
• Natural gas price plummet by 26%, ONGC revenues decline
Get the Chemical and Petrochemical Industry News on Daily Basis, Weekly- Trend & Forecast and Monthly-Analyst Views
Subscribe Today!
News on WhatsApp/WeChat/Mail
First 15 days free news WhatsApp No. +91-9914868686
For sales related query, dial +91-9958299626 or email at sales@chemanalyst.com
About ChemAnalyst
ChemAnalyst is ‘one stop’ online portal that offers comprehensive market intelligence data and in-depth analysis on the Indian chemical and petrochemical industry. Our aim is to provide competitive advantage to the industry stakeholders by offering ‘cutting edge’ information and analysis that help our customers leverage on the emerging opportunities in their businesses.
ChemAnalyst’s team of 100+ analysts are engaged in tracking Chemical Prices daily, production capacity, demand and supply outlook, manufacturing plant locations, foreign trade data and news/deals for more than 400 major chemicals produced in India. ChemAnalyst’s Interactive subscription platform provides the most comprehensive data and analysis in your industry to help you decode the future.
ChemAnalyst is promoted by TechSci Research (TSR). TSR is an award winning research based management consulting firm providing market research and advisory solutions to the customers worldwide, spanning a range of industries including Chemicals & Material, Automotive, Consumer & Retail, ICT, Energy & Power, Aerospace & Defense, Water and Waste Management, BFSI and more.
For more information, please visit us at
Source: ChemAnalyst
Comments