Global prices of crude oil further nosedived on Monday after Russia and Saudi Arabia delayed a critical meet to discuss over implementing a cut in oil production in order to alleviate oversupply in global market. After the last OPEC meet, the two oil producing giants have aggravated their rifts by indulging in a blame game over the fault in crude crises. Hence, pushing the scheduled date of discussion to Thursday that is 9 April. With ongoing crude production, Brent crude further fell to $30.03 a barrel on 02:03 GMT, down by $1.29.

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Moreover, West Tax Intermediate Crude settled at $26.68 a barrel, with a dip by $1.66. As per analysts, the present situation is critical enough with plummeting demand amid Coronavirus crises and crashing economies. If countries continued to flood the market with crude by overlooking their rifts, there will be no hope left for bouncing back and stabilizing the ground.

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Propylene Weekly Pricing Analysis

Propylene prices dived to five-year lows in the week ending 3rd April 2020. The declining trend is likely to continue with additional volumes piling up across the downstream sectors as the demand outlook seems bearish amid Covid-19. Widening demand-supply gap as plant operating rates fall due to turnarounds as several regions grapple with the government-imposed lockdown measures is likely to put downward pressure on the global propylene prices. The main consumption of propylene is as a feedstock for polypropylene (PP). Propylene is also used for producing acrylonitrile (ACN), propylene oxide (PO), a wide variety of alcohols, cumene and acrylic acid.

Key Headlines

• Indian refiners to cut down crude imports by almost 50% for April
• Meeting of Russia and Saudi Arabia over crude discussions postponed, crude oil fall back
• Indonesia’s biofuel production plan halts due to less sugarcane in fields
• Lotte Group designing strategy to gain from Covid-19 crisis
• India’s ONGC to seek support from government to sustain amid crashing prices

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Source: ChemAnalyst