Ethylene Oxide demand in India is anticipated to grow at a CAGR of 4.2% during the forecast period 2030

Methanol Market is Expected to grow at a CAGR of 5.5% during the forecast period 2030

Iso Propyl Alcohol (IPA) Market is Expected to grow at a CAGR of of 5.75% from 2030

Hydrogen Peroxide Market is Expected to grow at a CAGR of 5.1% during the forecast period 2030

Phenol witnessed a strong demand in 2019 and is anticipated to achieve an impressive CAGR of 5.5% during the forecast period.

By Monday afternoon, West Texas Intermediate for June delivery fell 23%, to trade at $13.07 per barrel, after earlier trading as low as $11.88. Brent crude fell 6.9% to $19.97.

For the first time in the last decade, outlook for the Global Chemical & Petrochemical market remains grim across all countries.

Market remained optimistic as Kuwait announced that it had started curtailing oil supplies to the international market, much before May 1st when the deal was supposed to take effect.

However, analysts eyed on some optimism after Saudi Arabia on Tuesday declared its agreement towards taking extra measures with other middle eastern producers agreeing in consent. The U.S. and other countries also promised to pump less this month.

As per the industry experts, the contracts usually move in unison. So, today’s trading for the nearby oil contract really would have no impact on the next month’s contract.

Benzene prices witnessed a downtrend on Monday due to collapse in crude oil and reduced downstream offtake. Prices of the product settled at $370/ tonne CFR India, down by around $5/ tonne.

If we look at the current situation of coronavirus crisis, India has been a country of both loss and gains as compared to hardly hit United States, China and Europe.

WHO has also asked chemical companies to ramp up the production of personal protective equipment material to serve the skyrocketing demand from pharmaceutical and healthcare industries.

Firmer crude as the OPEC+ countries agree for curtailing their refinery outputs, pulled up the prices of feedstock ethylene by almost $15 per MT. Ethylene prices rose to $380/tonne CFR South East Asia.

Butadiene tumbled in Southeast Asia due to bearish buying sentiments backed by high inventories. CFR Prices of Butadiene in Southeast Asia settled at $355/tonne, down by $85/tonne from previous revision.

The early trade report, Ipca and Cadila witnessed a gain of 6.1 per cent and 8 per cent respectively, thereby, positively affecting their total turnover.

The Energy Information Administration reported a weekly decline of 600,000 bpd in domestic crude production on Wednesday compared to the record value of 12.4 million bpd for the week ended April 3.

European cracker margins plummeted as demand remained subdued. PE April contract price was settled at $778 /tonne, down by a record $215/tonne from March.

The efforts made to resolve the price war is of no use until U.S oil production is also examined to stabilize the market in times of concerns over global economic recession.

Prices of Asia’s naphtha sank to 18-years low in the month of March as evaporating demand, hammered by the crash in crude has hard hit the feedstock market.

Isopropyl alcohol (IPA), one of the most demanded chemicals these days, has recorded several weeks hike in its international prices which were heard up to almost double this week.