trades below $100/bbl on global recession

By Nurluqman Suratman 07-Jul-22 12:02
SINGAPORE (ICIS)–Oil prices were extending
losses on Thursday, with both key benchmarks
trading below the psychological $100/bbl mark,
amid growing concerns that the global economy
will again plunge into a recession.

petchems mired in bearishness on elevated
recession fears

By Felicia Loo 07-Jul-22 11:21 SINGAPORE
(ICIS)–Asian petrochemical markets are in a
jam, with price bearishness across the board as
recession risks continue to mount. Elevated
concerns on the economic front, from the
fallout of the Russia-Ukraine conflict and
sanctions on Russia, plus fears of upward
spiralling inflation continue to weigh on

OUTLOOK: Tight supply
concerns flip to reduced oil demand by

By Barney Gray 07-Jul-22 00:49 LONDON
(ICIS)–Oil prices were in a post-Covid
recovery phase prior to Russia’s invasion of
Ukraine in February. Since then, H1 crude
prices have been driven by the fallout from the
war, reaching record highs. But the oil market
will be characterised by major volatility and
rising uncertainty as we head into H2.

May trade deficit biggest in eight years;
imports surge 48.9%

By Pearl Bantillo 16-Jun-22 18:56
SINGAPORE (ICIS)–Japan posted its biggest
trade deficit in eight years at yen (Y) 2.385tr
($18bn), with imports surging by 48.9%, largely
due to high energy prices and sharp
depreciation of the yen.

LNG deliveries to the UK in July set to be more
profitable than Asian

By Kaja Sillett 16-Jun-22 18:36 LONDON
(ICIS)–US LNG deliveries to the UK in July are
set to be more profitable than to east Asian
destinations, despite the British NBP July’22
contract remaining at a discount to the
equivalent ICIS East Asia Index (EAX) price,
according to ICIS calculations.

May exports grow 20.6%; trade deficit widens to

By Priya Jestin 16-Jun-22 17:03 MUMBAI
(ICIS)–India’s merchandise exports in May rose
by 20.6% year on year to $38.9bn, backed by
higher shipments of petroleum products and
chemicals, but the country’s trade deficit
widened due to high cost of energy imports.

MEG prices rise on stronger crude

By Cindy Qiu 16-Jun-22 14:57 SINGAPORE
(ICIS)–China’s monoethylene glycol (MEG)
prices have been on an uptrend since June,
mainly driven by the bullish crude market, as
supply-demand fundamentals remain largely
unchanged. This has somewhat dampened market
players’ confidence in the market outlook.

petrochemicals to rebound in June amid bumpy
recovery – ICIS analysts

By Ann Sun 16-Jun-22 12:12 SINGAPORE
(ICIS)–Asian petrochemical market is expected
to be generally firmer in June given higher
crude prices and easing lockdowns in China,
according to a latest Price Forecast by ICIS

BDO weakens on prevailing weak demand, ample

By Clive Ong 16-Jun-22 11:32 SINGAPORE
(ICIS)–The Asian butanediol (BDO) market
remains on a downtrend with regional demand
staying lacklustre while ample supply made
buyers unhurried. Suppliers concede that buying
interest showed limited signs of any revival
with further market weakness a possibility.

Korea truckers’ strike to hit Ulsan
petrochemical output; halts port

By Nurluqman Suratman 10-Jun-22 18:28
SINGAPORE (ICIS)–The ongoing nationwide strike
by unionised truckers in South Korea are
forcing several producers in the petrochemical
hub of Ulsan to consider production cuts amid
logistics disruption.

Asia biodiesel market optimism rises on
post-lockdown China

By Felicia Loo 10-Jun-22 17:35 SINGAPORE
(ICIS)–Market optimism in China to increase
imports of southeast Asian palm methyl ester
(PME) biodiesel helped bolster market sentiment
to some degree amid higher weekly gains in
feedstock crude palm oil (CPO) futures.

PET offers reaching level of last historic high
on recent upstream price

By Hazel Goh 10-Jun-22 12:15 SINGAPORE
(ICIS)–Asia polyethylene terephthalate (PET)
offers increased in the week and were
approaching the level of the last historic high
four years ago amid recent Asia upstream price

Asia ethylene stays bearish on ample supply,
weak demand

By Yeow Pei Lin 10-Jun-22 11:59 SINGAPORE
(ICIS)–Northeast Asia’s spot ethylene prices
stayed weak due to ample supply amid limited
demand for end-June and first-half July arrival

domestic LAB prices rise; China demand improves
as lockdowns ease

By Clive Ong 10-Jun-22 11:53 SINGAPORE
(ICIS)–India’s domestic prices for linear
alkylbenzene (LAB) have spiked on the back of
rising costs, but some players expect some
headwinds with the monsoon season kicking off.

prices drop more than $1/bbl on partial
lockdowns in China

By Nurluqman Suratman 10-Jun-22 11:34
SINGAPORE (ICIS)–Oil prices fell more than
$1/bbl on Friday on renewed demand fears after
fresh COVID-19 lockdown measures were announced
in China, but tight supply concerns capped

Korea truck drivers go on strike amid rising
fuel costs, inflation

By Nurluqman Suratman 08-Jun-22 14:17
SINGAPORE (ICIS)–South Korea’s unionised cargo
truck drivers are staging a nationwide,
indefinite general strike at ports and
container depots across the country in a move
which could potentially impact
petrochemical-related supply chains and

Asia and Pacific growth to slow to 4.4% in 2022
on China deceleration – World

By Nurluqman Suratman 08-Jun-22 11:54
SINGAPORE (ICIS)–Growth in East Asia and the
Pacific is projected to slow to 4.4% this year
from the 7.2% expansion in 2021, reflecting the
marked deceleration in China, the World Bank
said late on Tuesday.

PTA prices up on firmer feedstock costs,
sustainability uncertain

By Samuel Wong 08-Jun-22 11:51 SINGAPORE
(ICIS)–Asian purified terephthalic acid (PTA)
prices were supported by costs push because of
higher feedstock paraxylene (PX) costs, but
long-term sustainability is still a question
amid a lack of strong demand growth in the
downstream polyester sector.

May petrochemicals track crude gains; June
demand to improve

By Yvonne Shi 08-Jun-22 11:09 SINGAPORE
(ICIS)–China’s petrochemical markets largely
tracked gains in crude prices in May,
accompanied by some improvement in demand as
pandemic-related restrictions have started to

Japan’s Q1 GDP revised to
smaller contraction of 0.5%

By Nurluqman Suratman 08-Jun-22 11:01
SINGAPORE (ICIS)–Japan’s economy shrank less
than initially reported in the first quarter,
contracting by an annualised 0.5% instead of
the initial 1.0% drop, on the back of improved
private consumption, official data showed on

polyester prices gain momentum tracking higher
crude, rising cost pressure

By Judith Wang 07-Jun-22 16:27 SINGAPORE
(ICIS)–Asia polyester prices gained further
momentum as bullish crude futures and rising
feedstock prices bolstered spot discussions,
while demand has showed some improvement on
easing lockdowns in China.

Q3 biodiesel market sentiment to stay weak on
poor European demand

By Felicia Loo 07-Jun-22 12:13 SINGAPORE
(ICIS)–The third-quarter market sentiment for
southeast Asian palm methyl ester (PME)
biodiesel is expected to remain weak amid poor
buying requirements from Europe, a key
importing region for southeast Asian material.

INSIGHT: India cuts raw
material import duties to boost local

By Priya Jestin 07-Jun-22 12:07 MUMBAI
(ICIS)–India has cut import duties on some raw
materials in the hope of boosting overall
domestic production amid surging inflation and
rupee weakness.

VIDEO: China PTA plants’
run rates stay low on high production

By Winnie Huang 01-Jun-22 18:35 SINGAPORE
(ICIS)–Watch industry analyst Lifang Huang
discuss China’s purified terephthalic acid
(PTA) market amid high production cost.

PODCAST: China LPG prices
fluctuate on elevated costs, weak

By Candy Nie 01-Jun-22 17:44 SINGAPORE
(ICIS)–ICIS analyst Jady Ma and Candy Nie
discuss the recent developments and outlook of
China’s Liquefied petroleum gas (LPG) 

Aramco’s June LPG contract prices continue

By Candy Nie 01-Jun-22 15:10 SINGAPORE
(ICIS)–Saudi Aramco’s term contract prices
(CP) for June-loading liquefied petroleum gas
(LPG) continued to edge down and hit a
five-month low, the company announced on
Tuesday afternoon.

MTBE cargoes face narrowing arbitrage
opportunities into Europe

By Jun Kai Heng 01-Jun-22 14:17 SINGAPORE
(ICIS)–The reopening of the Chinese economy in
June is expected to pressure arbitrage
opportunities into Europe for Chinese methyl
tertiary butyl ether (MTBE) cargoes.

Korea May petrochemical exports rise 14%, total
exports up 21.3%

By Nurluqman Suratman 01-Jun-22 12:32
SINGAPORE (ICIS)–South Korea’s petrochemical
exports rose by 14% year on year to $5.18bn in
May, supporting the overall rise in shipments
abroad, official data showed on Wednesday.

Japan’s au Jibun Bank May
manufacturing PMI dips to 53.3 on slower output

By Nurluqman Suratman 01-Jun-22 11:38
SINGAPORE (ICIS)–au Jibun Bank’s manufacturing
purchasing managers’ index (PMI) for Japan
slipped to 53.3 in May from 53.5 in April as
new orders rose at a slower rate, the Japanese
bank said on Wednesday.

India’s Jan-Mar GDP
growth slows to 4.1% on weaker consumer

By Nurluqman Suratman 01-Jun-22 11:25
SINGAPORE (ICIS)–India’s economy expanded by
4.1% in January-March this year, slowing down
from the 5.4% expansion in the preceding
quarter on the back of weakening consumer
demand amid soaring prices, official data
showed late on Tuesday.

OX to be supported by firm feedstock costs;
weak downstream a headwind

By Samuel Wong 31-May-22 15:30 SINGAPORE
(ICIS)–Asian orthoxylene (OX) market is split
between high production costs, and persistent
weak demand seen in the
downstream phthalic
anhydride (PA)

Phenol, acetone producers
contemplate run rate cuts amid narrowing

By Tess Tseng 31-May-22 14:35 SINGAPORE
(ICIS)–Producers of phenol and acetone in Asia
are heard contemplating production cuts, amid
narrow price spreads between phenol/acetone and
their feedstocks.

Asia polyester talks edge up on rising
feedstock, potential demand

By Judith Wang 31-May-22 14:02 SINGAPORE
(ICIS)–Spot polyester discussions in
northeast Asia have edged up during the week on
the back of rising feedstock prices coupled
with upcoming demand recovery amid easing
lockdowns in China.

crude up $3/bbl after EU agrees to cut most
Russian oil imports

By Nurluqman Suratman 31-May-22 12:52
SINGAPORE (ICIS)–Oil prices were extending
their gains on Tuesday, with US crude up by
more than $3/bbl, after EU leaders agreed to
cut oil imports from Russia by 90%, by the
end of the year.

Group I base oils tight supply to persist amid
global shortage

By Matthew Chong 31-May-22 12:19 SINGAPORE
(ICIS)–Asia’s Group I base oils spot supply is
expected to remain tight in the coming months,
with suppliers looking to take advantage of the
open arbitrage in Europe.

SM margins likely to be squeezed by higher
costs, weak demand

By Tina Zhang 31-May-22 11:55 SINGAPORE
(ICIS)–Margins in China’s styrene monomer (SM)
market are expected to continue to be squeezed
in the near term, in view of rising feedstock
benzene values and weak demand.

Malaysia’s PCG Q1 net
profit rises 42.1% on stronger

By Nurluqman Suratman 27-May-22 15:33
(PCG) net profit rose by 42.1% year on year in
the first quarter of this year on the back of
higher product prices, the Malaysian producer
said on Friday.

Jan-Apr industrial profits growth slows to

By Fanny Zhang 27-May-22 15:32 SINGAPORE
(ICIS)–China’s industrial profits in the first
four months of 2022 increased by 3.5% year on
year, the slowest in 16 months, data from the
National Bureau of Statistics (NBS) showed on

Asia biodiesel in bearish market on tepid
Europe demand

By Felicia Loo 27-May-22 15:23 SINGAPORE
(ICIS)–The southeast Asian palm methyl ester
(PME) biodiesel market maintained its bearish
sentiment, amid a closed arbitrage window to
move cargoes westwards.

soap noodles market to stay soft into Q3 amid
waning demand

By Helen Yan 27-May-22 15:04 SINGAPORE
(ICIS)–Asia’s soap noodles market is likely to
remain soft into the third quarter (Q3) on
tapering demand as consumers keep a tight lid
on their costs-of-living expenses amid
inflationary pressures and a looming global

LPG prices fluctuate on elevated costs, weak

By Candy Nie 27-May-22 14:07 SINGAPORE
(ICIS)–China’s liquefied petroleum gas (LPG)
prices seesawed in a tight range in May,
generally hovering above yuan (CNY)
6,000/tonne, but the market may come under some
downward pressure in June on demand woes.

China’s mixed aromatics
import loss widens a bit amid higher

By Yvonne Shi 27-May-22 11:43 SINGAPORE
(ICIS)–Theoretical margins for importing mixed
aromatics widened slightly within the negative
territory due to larger gains in import costs.

K+S Potash Canada unveils long term growth plan
for Bethune mine

By Mark Milam 26-May-22 12:59 HOUSTON
(ICIS)–K+S Potash Canada (KSPC) has announced
a long-term growth plan which includes a focus
on planning for a sustained increase of potash
production at its Bethune mine.

Azoty swings to Q1 profit of Zl 882 after
securing maximum ferts

By Will Conroy 26-May-22 12:51 LONDON
(ICIS)–Second largest European fertilizer
maker Grupa Azoty swung to a first-quarter net
profit of zloty (Zl) 882m ($205.1m) from Zl 86m
a year ago as it managed to maintain fertilizer
production at maximum capacity throughout the
quarter, the Polish company said.

Strong downside risk for the German power far

By Anne Petersen 26-May-22 11:56 LONDON
(ICIS)–German clean spreads for this winter
and the years ahead have soared since the
outbreak of the war in Ukraine putting them
well in the money for Q4 ’22 onwards and
suggesting a strong downside risk for the
German power far curve.

FOCUS: Competition for US LNG intensifies as
new deals are signed

By Ruth Liao 26-May-22 11:34 HOUSTON
(ICIS)–Even before the Russia/Ukraine war, US
LNG developed as the prime destination for
flexible, hub-linked export volumes to serve
both Atlantic and Pacific markets.

Slovakia rules out coal-fired power plant life

By Lukasz Kulesza 26-May-22 11:14 LONDON
(ICIS)–The government of Slovakia told ICIS it
has ruled out extending lifespans at the
country’s existing coal plants despite any
energy security concerns as Europe seeks to
pivot away from Russian gas.

Ukraine’s Naftogaz calls for Nord Stream 1 EU
rules derogation to be

By Aura Sabadus 26-May-22 09:57 LONDON
(ICIS)–The Ukrainian gas incumbent Naftogaz
has called on the European Commission and
member states to revoke a derogation from EU
regulation granted to Nord Stream 1 and suspend
flows via the pipeline amid concerns over the
reliability of Russia’s Gazprom as a supplier.

Ukraine, Hungary extend firm capacity trial for
gas imports

By Aura Sabadus 26-May-22 09:53 LONDON
(ICIS)–The Ukrainian and Hungarian gas grid
operators GTSOU and FGSZ have extended a pilot
project for firm import border capacity into
Ukraine until the end of March 2023, according
to a GTSOU statement.

Above-average LNG sendout amid ongoing influx
of shipments to Europe

By Victoria Tchen 26-May-22 06:52 LONDON
(ICIS)–European LNG sendout is forecast to
remain above the three-year May 2019-2021
average of 254mcm/day for the last week of the
month, as Europe remains a prime destination
for cargoes, ICIS Analysis shows.

Singapore April chemicals
output falls 3.4%; overall manufacturing up

By Nurluqman Suratman 26-May-22 14:28
SINGAPORE (ICIS)–Singapore’s chemicals cluster
output in April fell by 3.4% year on year,
weighed down by plant turnarounds and weak
demand in the petrochemicals segment, official
data showed on Thursday.

INSIGHT: Asia glycerine
to see China demand in Q3, arbitrage
opportunities in EU

By Helen Yan 26-May-22 12:00 SINGAPORE
(ICIS)–Asia’s glycerine market may face upward
price pressure in the third quarter (Q3) due to
an anticipated pick-up in demand from China as
it eases its lockdown restrictions amid
prevailing tight supply in Europe.

south Asia ethanolamines demand wanes on
buyers’ caution

By Clive Ong 26-May-22 11:53 SINGAPORE
(ICIS)–Ethanolamines demand in east and south
Asia has waned as uncertainty over near-term
economic outlook intensified.

Korea raises key rate to 1.75% amid rising

By Nurluqman Suratman 26-May-22 11:30
SINGAPORE (ICIS)–South Korea’s central bank on
Thursday raised its key interest rate by 25
basis points (bps) to 1.75% as inflationary
pressures have remained high.

INSIGHT: China crude
consumption softens amid COVID-19

By Pearl Bantillo and Fanny Zhang
25-May-22 12:00 SINGAPORE (ICIS)–China’s
consumption of crude has softened as industrial
production is hit by pandemic-related
restrictions in place since February, with no
sign of the government giving up on its
zero-COVID policy.

VR Group’s Russia-Finland rail closure hits
Russian methanol exporters

By Eashani Chavda 23-May-22 09:54 LONDON
(ICIS)–Finnish railway company VR Group is
preparing a plan to stop the transport of goods
between Russia and Finland and has begun to
terminate contracts, in yet another blow to the
Russian methanol market.

US economists ratchet up inflation expectations
– survey

By Stefan Baumgarten 23-May-22 09:00 HOUSTON
(ICIS)–US inflation is set to be worse than
previously expected, according to a panel of 53
economists in the National Association of
Business Economists’ (NABE) May outlook survey.

France’s GRTgaz considering direct export
capacity to Germany

By Andrea Battaglia 23-May-22 08:43 LONDON
(ICIS)–French gas exports to Germany could
increase as a project to allow physical exit
flows at the Obeirgailbach-Medelsheim point is
currently being looked into, French
transmission system operator GRTgaz confirmed.

German business sentiment up in May; outlook

By Morgan Condon 23-May-22 05:11 LONDON
(ICIS)–Business sentiment in Germany improved
in May, but the outlook is flat, according to
the Ifo research institute.

INSIGHT: War drives up China toluene exports as
pandemic weighs on local

By Veronica Zhang 23-May-22 04:20 SINGAPORE
(ICIS)–China toluene market prices have soared
since May, with few prompt deals done as export
demand surged on the Russia-Ukraine crisis and
local demands were curbed by Covid-19 pandemic.

Germany’s economy could begin recovering by
year end – institute

By Stefan Baumgarten 20-May-22 13:57 LONDON
(ICIS)–Germany’s economy could begin to
recover by the turn of the year – if there are
no additional impacts from geopolitical
conflicts, and if the sharp rise in energy and
raw material prices moderates, the country’s IW
Institute of the German Economy said in its
spring 2022 forecast.

US gas supply crunch could ease by ’23 – trade

By Ruth Liao 20-May-22 13:10 HOUSTON
(ICIS)–Tightening US natural gas supply that
has not kept up pace with rising demand has
been a driving factor for the Henry Hub futures
benchmark, although increased supply is
expected to re-balance the US market into 2023,
according to an American Gas Association (AGA)
market webinar.

Germany’s producer prices rise at record pace,
chems up 29.5%

By Stefan Baumgarten 20-May-22 11:11 LONDON
(ICIS)–Producer prices in Germany rose at a
record 33.5% year on year in April amid Ukraine
war impacts and high energy prices, in
particular for natural gas, the country’s
federal statistics agency reported.

Russia’s Gazprom halts gas supply to

By ICIS Editorial 20-May-22 11:02 LONDON
(ICIS)–Russian gas supplier Gazprom Export
informed Finnish gas importer Gasum on Friday
that contracted supplies would be halted at 7am
local time on 21 May.

Clariant eyes strong first-half 2022 despite

By Morgan Condon 20-May-22 06:04 LONDON
(ICIS)–Clariant is making gains towards its
2025 financial targets, driven by a strong
first half of 2022, CEO Conrad Keijzer asserted
at its delayed 2021 financial results

Potash offers slip from
all-time highs amid reduced demand; supply
concerns continue

By Andy Hemphill 20-May-22 17:59 LONDON
(ICIS)–Offer pricing in the global muriate of
potash (MOP) fertilizer market has slipped
slightly from all-time highs, necessitated by
buyer resistance to high-priced tonnes and
reduced demand in some nations.

market weak despite high-volume Indian

By Deepika Thapliyal 20-May-22 17:27
LONDON (ICIS)–The urea market outlook remains
weak despite India buying nearly 1.7m tonnes,
as there is no major demand anywhere else.

oleochem players mull over Indonesia’s latest
palm oil DMO policy

By Helen Yan 20-May-22 17:19 SINGAPORE
(ICIS)–Asia’s oleochemical market players are
mulling over the latest news that Indonesia
will reimpose its domestic market obligation
(DMO) policy on palm oil.

PBT market softens on weak demand, economic

By Clive Ong 20-May-22 16:02 SINGAPORE
(ICIS)–The Asian polybutylene terephthalate
(PBT) market remains under downward pressure on
prevailing weak demand. Some participants
anticipate further potential weakness in the
near term as demand showed little pick-up.

biodiesel sentiment bearish on weak buying

By Felicia Loo 20-May-22 15:55 SINGAPORE
(ICIS)–The southeast Asian palm methyl ester
(PME) biodiesel market was down on bearish
sentiment and weak demand from major buyers
Europe and China.

fatty alcohol players retreat as CPO falls on
export ban removal

By Helen Yan 20-May-22 12:42 SINGAPORE
(ICIS)–Asia’s fatty alcohols buyers and
sellers are holding off any bids and offers in
the near term due to declining crude palm oil
(CPO) prices, after the Indonesian authorities
announced on Thursday that it will lift the
palm oil export ban on 23 May.

BDO under pressure as tepid demand persists,
economic uncertainty

By Clive Ong 20-May-22 12:17 SINGAPORE
(ICIS)–The Asian butanediol (BDO) market
remains under downward pressure from prevailing
soft demand in the region. Buying momentum
could remain slow in the near term from
economic headwinds from the Ukraine conflict
and Russian sanctions, as well as the lockdown
in China which looks set to ease.

gas supply crunch could ease by 2023 – trade

By Ruth Liao 20-May-22 09:03 HOUSTON
(ICIS)–Tightening US natural gas supply that
has not kept up pace with rising demand has
been a driving factor for the Henry Hub futures
benchmark, although increased supply is
expected to re-balance the US market into 2023,
according to an American Gas Association market
webinar on 19 May.

CRUDE SUMMARY: Global economic concerns make
for volatile session

By Barney Gray 19-May-22 14:08 LONDON
(ICIS)–Oil prices rebounded during a volatile
session even as global economic concerns
weighed on sentiment. Bullish factors such as
Shanghai’s planned easing of coronavirus
restrictions and a tightening supply balance
provided upside.

Limited pool of FSRUs available for European
LNG import projects

By Yasmin Yonan 19-May-22 11:49 LONDON
(ICIS)–Following European commitments to phase
out Russian gas there has been increased demand
for Floating Storage and Regasification Units
(FSRUs) to facilitate LNG supply.

EU governing
bodies reach agreement on new gas storage

By Diane Elijah 19-May-22 15:13 LONDON
(ICIS)–On 19 May, the European Parliament and
the Council of the EU announced they
provisionally agreed on new gas storage targets
mandating that storage facilities in the EU27
be 80% full by 1 November 2022 and 90% full the
following years.

To enter into force, the new rules must be
formally adopted by the parliament and the
council and then published in the official
journal of the EU.

ICIS calculated that shippers in the EU27 will
need to inject 42.4 billion cubic metres (bcm)
in storage between 19 May and 1 November to
refill stocks to 80% of their capacity by 1
November. This is the target that they must

PX market split between strong US octane
demand, negative Chinese PTA

By Samuel Wong
19-May-22 18:39 SINGAPORE (ICIS)–Asian
paraxylene (PX) prices were supported by a
strong gasoline market in the US, coupled with
firm demand for octane blendstocks.

Mideast polyols demand
weakens, upstream PO

By Damini Dabholkar 19-May-22 18:22 SINGAPORE
(ICIS)–Prices of polyols were softer this
week, on account of weaker demand and lower
upstream prices. Overall, the outlook is
bearish as supply in Asia remains ample and
demand in the Middle East has weakened
significantly after the Eid holiday.

Philippines’ central bank
hikes policy interest rate by

By Pearl Bantillo
19-May-22 18:26 SINGAPORE (ICIS)–The
Philippines’ central bank hiked its policy
interest rate on Thursday by 25 basis points
(bps), following a rebound in economic activity
and amid elevated inflationary pressures.

COMMENT: Europe and Asia’s changing LNG price

By Edward Cox
19-May-22 17:28 LONDON (ICIS)–East Asian spot
LNG has almost always been priced at a premium
to the ICIS TTF given the former’s high
dependency on LNG and with Europe able to tap
into more domestic gas production and pipeline

Apr chemical exports rise 8.5%, total exports
up 12.5%

By Nurluqman Suratman 19-May-22 13:24
SINGAPORE (ICIS)–Japan’s chemical exports rose
by 8.5% year on year to yen (Y) 1,036bn in
April but overall trade remained at a deficit
following a jump in imports, official data
showed on Thursday.

CRUDE SUMMARY: A mixed bag of market drivers
moves crude lower

By Barney Gray 18-May-22 14:12 LONDON
(ICIS)–Crude prices dipped in afternoon
trading on Wednesday. The easing of Chinese
coronavirus restrictions gave rise to hopes of
a demand boost and reports of reduced Russian
production in April were balanced by news that
the US is planning to relax sanctions against

European Commission ramps up renewables targets
to phase out Russia energy

By Tom Brown 18-May-22 12:04 LONDON (ICIS)–The
European Commission on Wednesday set out new
targets for renewable power development,
decarbonising road transport and improving
energy efficiency as the EU seeks to wean
itself off of Russian oil and gas supplies.

Rotterdam coal rises amid ongoing geopolitical

By David Battista 18-May-22 11:43 LONDON
(ICIS)–The front-year Rotterdam coal price
gained nearly $19/tonne between 10 and 17 May,
due to ongoing uncertainty in the wider energy
complex amid fallout from the Russian war in

Finland could struggle to meet demand should
Russian supplies stop

By Daniel Muir 18-May-22 11:02 LONDON
(ICIS)–Russian gas supplies to Finland could
end as soon as 20 May, according to Finnish
state-owned energy company Gasum, which could
lead to shortages in the summer.

EU revises its transition targets to cut
reliance on Russian gas

By Diane Elijah 18-May-22 10:58 LONDON
(ICIS)–The president of the European
Commission, Ursula von der Leyen, on 18 May
presented the EU’s strategy to phase-out its
reliance on Russian gas.

Operating costs for LNG vessels rise on Ukraine

By Hal Brown 18-May-22 10:14 LONDON
(ICIS)–Operating expenses (OPEX) are rising
for LNG vessels crewed by Russians and

Austrian gas storage rules target dependence on

By Ed Martin 18-May-22 10:02 LONDON (ICIS)–The
Austrian government is seeking to rapidly
implement a raft of new storage regulations
aimed at boosting security of supply and
reducing dependence on Russian gas.

CropEnergies warns Germany on plans to reduce
biofuels production

By Stefan Baumgarten 18-May-22 08:54 LONDON
(ICIS)–Germany must not reduce the use of
biofuels from arable crops, the CEO of biofuels
producer CropEnergies said on Wednesday, adding
his voice to the country’s latest
“fuel-versus-food” debate.

INSIGHT: Europe refineries and chemicals would
be hit by Russia oil, products

By Will Beacham 18-May-22 07:14 BARCELONA
(ICIS)–European oil refineries and downstream
chemical plants will come under increasing
financial pressure from higher logistics costs
and crude oil prices if a proposed ban on
Russian oil and refined products comes into
force later this year.

CRUDE SUMMARY: Oil price bounces after weekly

By Barney Gray 13-May-22 15:47 ONDON (ICIS) –
Oil prices enjoyed a bounce on Friday but ended
the day down week on week as bearish sentiment
continued to weigh on demand. In its May
report, the IEA forecast that world oil demand
growth will slow from 4.4m bbl/day in Q1 to
1.9m bbl/day in Q2 and will ease back to growth
of less than 0.5m bbl/day in the second half of
the year. For the full year, demand is now
expected to increase by 1.8m bbl/day to 99.4m

Germany’s biofuels industry wary amid new
fuel-vs-food debate

By Stefan Baumgarten 13-May-22 14:22 LONDON
(ICIS)–Germany’s biofuels industry is watching
closely as rising food prices have sparked a
new “fuel-vs-food” debate and may even bring an
end to racing on the country’s highways
(“Autobahn”) without speed limit.

US PVC gets inquiries from Ukraine after two
months of silence

By Bill Bowen 13-May-22 12:59 HOUSTON
(ICIS)–US suppliers of polyvinyl chloride
(PVC) are getting inquiries from plastics
processors in Ukraine, a surprise development
in a war-torn market that has been almost
completely silent in recent weeks.

Germany’s raw material price index falls month
on month

By Stefan Baumgarten 13-May-22 11:37 LONDON
(ICIS)–Germany’s raw material price index fell
12.0% month on month in April, following a
sharp March increase amid the Ukraine war,
Hamburgisches WeltWirtschafts Institut (HWWI)

Ukraine starts landmark commercial electricity
exports to Moldova

By Aura Sabadus 13-May-22 09:45 LONDON
(ICIS)–Ukrainian electricity company
Ukrhydroenergo started landmark commercial
exports to Moldova on 12 May, less than two
months after both countries synchronised with
the European power grid, the Ukrainian
electricity transmission system operator
Ukrenergo confirmed.

Chemicals production in EU, eurozone fell in
March in wake of Ukraine

By Morgan Condon 13-May-22 07:46
LONDON (ICIS)–Chemicals production fell in the
EU and eurozone in March compared to the
previous month, according to the latest data
from the EU’s statistical agency Eurostat.

UK plastics export ban on Russia not likely to
impact producers – trade

By Tom Brown 13-May-22 07:16 LONDON (ICIS)–The
British Plastics Federation (BPF) on Friday
backed the UK government’s plans to ban exports
of plastics and chemicals and impose import
tariffs on certain products to Russia.

petrochemical supplies rise as China exports
grow amid weak yuan

By Fanny Zhang 13-May-22 16:13 SINGAPORE
(ICIS)–Asia’s petrochemical markets are being
weighed down by growing supply, with China
exporting more products – spurred by the weak
yuan and poor domestic demand amid lockdowns.

INSIGHT: Indonesia
consumer demand at risk; may not prolong CPO
export ban

By Pearl Bantillo 13-May-22 12:00
SINGAPORE (ICIS)–Indonesia’s consumer demand
recovery is being threatened by elevated
commodity prices, with April inflation
exceeding the 3% mark, while the government has
taken to banning exports of crude palm oil
(CPO) and its derivatives to ease surging
prices of domestic cooking oil.

fatty acids remain soft on China lockdowns and
Indonesia export ban

By Helen Yan 13-May-22 15:05 SINGAPORE
(ICIS)–Asia’s fatty acids market is likely to
remain soft in the near term, due to the
economic slowdown in China and the expected
removal of Indonesia’s export ban on crude palm
oil (CPO) sometime in May.

Asia’s BD spot
discussions see uptick on prompt demand, but
outlook still clouded

By Ai Teng Lim 13-May-22 14:49 SINGAPORE
(ICIS)–Discussions in Asia’s spot butadiene
(BD) market took a bullish turn this week, as
buying interest for prompt delivery supplies
picked up alongside some production hiccups.

Gazprom faces $12bn bill and penalties if it
fails to pay for Ukraine transit –

By Aura Sabadus 11-May-22 14:25 LONDON
(ICIS)–Russia’s Gazprom could face a $12bn
bill related to an old arbitration claim and
additional multi-million dollar penalties if it
refuses to pay for the gas transiting Ukraine
to Europe.

CRUDE SUMMARY: Oil rallies on improved
sentiment after early-week

By Barney Gray 11-May-22 14:10 LONDON
(ICIS)–Oil prices recovered ground on
Wednesday as the EU sought unanimous support
over its decision to ban Russian oil imports.

INSIGHT: Can US, global economies avoid
recession amid a whirlwind of

By Joseph Chang 11-May-22 12:10 NEW YORK
(ICIS)–Can the US and major economies around
the world avoid a recession in the face of what
can only be called a whirlwind of headwinds?

Europe naphtha refinery margins stay pressured,
but gasoline spikes to multiyear

By Shruti Salwan 11-May-22 11:59 LONDON
(ICIS)–European naphtha market fundamentals
remain exceptionally weak amid improved
availability and weakening feedstock demand
capping any major upsides posed by falling ICE
Brent crude oil futures and high gasoline
refinery margins.

Second FSRU will double the Netherlands’ LNG
regas capacity by Q3 ’22

By Victoria Tchen 11-May-22 11:37 LONDON
(ICIS)–Dutch gas infrastructure company
Gasunie announced on 10 May it has signed a
five-year binding contract for the lease of a
floating storage regasification unit (FSRU)
from US LNG company New Fortress Energy.

Council of the EU agrees position on new gas
storage rules

By Diane Elijah 11-May-22 11:16 LONDON
(ICIS)–On 11 May, the Council of the EU
adopted its position on the new EU gas storage
rules . This means negotiations with the
European Parliament to agree on the final text
of the new rules can now start.

Bulgaria holds LNG supply talks with US;
expects deliveries from 1

By Luka Dimitrov 11-May-22 11:06 LONDON
(ICIS)–Importing US LNG could bring cheaper
gas prices for Bulgarian consumers than signing
a new long-term pipeline contract with Russian
state supplier Gazprom.

Germany introduces law to speed up LNG project
development as pivot away from Russian gas
gathers pace

By Arlind Neziri 11-May-22 10:55 LONDON
(ICIS)–The German government on Tuesday
announced it was introducing the LNG
Acceleration Act as it continues its push to
diversify its supply away from Russian gas.

Austria to buy up to 1.4bcm of gas with federal
funds to build strategic

By Edward Martin 11-May-22 10:42 LONDON
(ICIS)–Austrian operator Gas Grid Management
(AGGM) on 10 May launched a tender to procure
12.6TWh – or roughly 1.2-1.4 billion cubic
metres (bcm) depending on calorific value – of
gas with federal funding.

PCK Schwedt faces uncertain future as Germany
moves to ban Russian oil

By Stefan Baumgarten 11-May-22 10:28 LONDON
(ICIS)–Germany’s PCK Schwedt refinery faces an
uncertain future as the nation firmly supports
the proposed EU embargo on Russian oil.

US natural gas futures scale to historic highs
in volatile trading

By Ruth Liao 11-May-22 09:26 HOUSTON
(ICIS)–Uncertainty on timing of supply has
driven the volatility in US gas futures, as the
Henry Hub front-month contract soared to new
historic highs on 5 May, only to crash lower
for two sessions and rebound.

UK targets chems, plastics trade in latest
Russia sanctions

By Tom Brown 11-May-22 08:32 LONDON (ICIS)–The
UK’s latest round of sanctions on trade with
Russia targets chemicals trade flows, with
export bans and import tariffs announced this

PODCAST: Ban on Russian crude, products would
disadvantage Europe refiners,

By Will Beacham 11-May-22 08:22 BARCELONA
(ICIS)–A ban on Russian imports of oil and
refined products in Europe would increase
logistics costs and exclude refineries and
integrated chemical producers from deeply
discounted crude oil.

Russia declines to reroute Sokhranivka gas
flows after Ukraine’s force

By Aura Sabadus 11-May-22 06:11 LONDON
(ICIS)–The European benchmark ICIS TTF firmed
at the open on 11 May as natural gas flows from
Russia to Ukraine over the Sokhranivka border
point ceased, following the 10 May declaration
of force majeure by grid operator GTSOU.

petrochemicals stay soft in April; demand
concerns remain

By Yvonne Shi 10-May-22 16:44 SINGAPORE
(ICIS)–China’s petrochemical markets remained
soft in April, weighed down by COVID-related
lockdowns which will continue to dampen demand
in the near term.

polyacetal spot discussions stable amid mixed
demand outlook

By Ai Teng Lim 10-May-22 13:37 SINGAPORE
(ICIS)–Discussions for Asian exports of
polyacetals (POM) have been rangebound this
week, but it remains to be seen how the
regional demand-supply balance may shift if
various geopolitical issues, like the
Russia-Ukraine turmoil and the COVID-19
lockdowns in China, stretch longer than

Asia naphtha
market contango deepens, China lockdowns curb

By Melanie Wee 10-May-22 12:45 SINGAPORE
(ICIS)–Asia naphtha markets are under pressure
from downbeat demand amid persistent lockdowns
in China, exacerbated by poor downstream

CRUDE SUMMARY: Oil price rallies further as
tight supply concerns mount

By Barney Gray 06-May-22 14:06 LONDON
(ICIS)–Oil prices continued their rally on
Friday as worries over global economic growth
were trumped by tighter supply concerns.

Outlook for ammonium sulphate remains bright
through Q2 – AdvanSix

By Al Greenwood 06-May-22 13:27 HOUSTON
(ICIS)–The outlook for ammonium sulphate
should remain bright through the peak of the
demand season in the second quarter, the CEO of
US producer AdvanSix said.

EU gas strategy to be presented in the second
half of May

By Diane Elijah 06-May-22 13:03 LONDON
(ICIS)–The European Commission plans to adopt
its REPowerEU strategy to end the EU’s reliance
on Russian fossil fuels on 18 May, subject to
confirmation nearer the time, a spokesperson
for the commission told ICIS.

CRUDE SUMMARY: Oil price gains on proposed EU
embargo on Russian crude

By Barney Gray 06-May-22 09:03 LONDON
(ICIS)–Oil prices consolidated gains on
Thursday as further details emerged regarding
the EU proposed ban on Russian crude.

INSIGHT: Ukraine war hurts Europe chemicals,
alters patterns of trade

By Will Beacham 06-May-22 08:29 BARCELONA
(ICIS)–Europe’s chemical industry faces
multiple headwinds which could see it lose out
to other regions, and lead to more sourcing
from further afield by downstream customers and

France likely to remain
net power importer until nuclear availability
rises substantially

By Karishma Sadanandan 06-May-22 15:33
LONDON (ICIS)–France is unlikely to regain its
status as a net exporter of power until such a
time as nuclear availability rises closer to
historic seasonal norms.

Asia biodiesel sales weak on poor

By Felicia Loo 06-May-22 14:46 SINGAPORE
(ICIS)–The southeast Asian palm methyl ester
(PME) biodiesel market remained in weak demand
territory, amid poor uptake from Europe and

Germany’s Evonik Q1 net
income rises amid higher selling

By Nurluqman Suratman 06-May-22 14:16
SINGAPORE (ICIS)–Evonik’s net income rose by
around 69% year on year in the first quarter of
this year amid higher selling prices at its
performance materials and specialty additives
businesses, the German specialty chemicals
maker said on Friday.

glycerine gains on demand; arbitrage window to
Europe opens

By Helen Yan 06-May-22 14:04 SINGAPORE
(ICIS)–Asia’s spot glycerine prices increased
on the back of improving demand, with the
arbitrage window to Europe expected to remain
open in the near term.

Trinseo expects Q2
earnings to resemble Q1

By Al Greenwood 06-May-22 09:54 HOUSTON
(ICIS)–US-based styrenics and engineered
materials producer Trinseo expects its
second-quarter earnings to be similar to those
in the first quarter, the CEO said on Thursday.

China’s propylene market
in stalemate on strong costs, weak

By Yi Liang 06-May-22 13:35 SINGAPORE
(ICIS)–Propylene prices in China’s Shandong
province fluctuated in a narrow range in late
April on cost pressures and bearish downstream
demand, after rallying from the recent low seen
on 17 March, alongside the crude slumps.

INSIGHT: Crude-led
inflation surge sparks global monetary

By Nurluqman Suratman and Pearl Bantillo
05-May-22 18:01 SINGAPORE (ICIS)–Strong crude
prices amid the Russia-Ukraine war have been
fuelling unprecedented spikes in inflation,
which major economies around the world set out
to tame by raising interest rates, some more
aggressively than others, while a few are
hoping to wait it out as much as possible.

China’s PP futures surge
2.51% on rising crude

By Zhibo Xiao 05-May-22 15:59 SINGAPORE
(ICIS)–China’s polypropylene (PP) futures
prices rose by 2.51% on Thursday on the back of
rising crude futures values.

British gas NBP prompt to
deliver below May ’22 on oversupply

By Kaja Sillett 05-May-22 13:00 LONDON
(ICIS)–LNG arrivals, mild forecasts and high
storage fullness should see British gas prompt
products remain below front-month indications
at the NBP through the rest of May, after
flipping beneath in April.

Q1 chemicals earnings rise 49.6% despite lower
sale volumes

By Nurluqman Suratman 05-May-22 14:53
SINGAPORE (ICIS)–Shell’s chemicals and
products unit posted a 17.7% year-on-year
increase in its first-quarter adjusted earnings
before interest, tax, depreciation and
amortisation (EBITDA), despite lower chemical
sales volumes, the energy firm said on

Korea’s Kumho Petrochemical Q1 net profit falls
22%; sales up 19%

By Pearl Bantillo 04-May-22 17:42
SINGAPORE (ICIS)–South Korean synthetic rubber
giant Kumho Petrochemical reported on Wednesday
a 22% year-on-year decline in first-quarter net
profit despite a double-digit sales growth.

Philippines’ Petron Q1
profit surges; petrochemical sales up

By Pearl Bantillo 04-May-22 13:54
SINGAPORE (ICIS)–Petron’s first-quarter net
profit more than doubled year on year to pesos
(Ps) 3.6bn ($69m) on the back of strong crude
prices, the Philippines’ sole refiner said on

rises more than $1/bbl on supply worries; China
woes cap gains

By Nurluqman
Suratman 04-May-22 12:54 SINGAPORE (ICIS)–Oil
prices rose by more than $1/bbl on Wednesday on
concerns over tight supply after industry data
showed a drop in US crude and fuel inventories
last week, but worries over poor manufacturing
data from China capped gains.

Methanex stands to
benefit from market impacts of Ukraine

By Stefan Baumgarten 28-Apr-22 15:22
TORONTO (ICIS)–Methanex is benefiting from the
market-related impacts of the ongoing Ukraine
war and the sanctions imposed on Russia, the
CEO of the Canada-based international methanol
producer said on Thursday.

SCG Q1 net profit falls 41% on chemical margin

By Pearl Bantillo 28-Apr-22 14:59
SINGAPORE (ICIS)–Thai conglomerate Siam Cement
Group’s (SCG) first-quarter net profit declined
by 41% year on year on squeezed chemical
margins due to high feedstock cost amid weak
China demand.

biodiesel buy/sell gap widens on CPO price

By Felicia Loo 28-Apr-22 16:45 SINGAPORE
(ICIS)–Asia’s palm methyl ester (PME)
biodiesel faces a gaping buy/sell gap, a trend
expected to persist after Indonesia announced
its ban on feedstock crude palm oil exports.

palm shipping market cautious after Indonesia’s
export ban

By Luffy Wu 28-Apr-22 16:25 SINGAPORE
(ICIS)–The Asia palm shipping market is taking
a cautious stance after Indonesia announced an
export ban from 28 April on domestic cooking
oil and refined, bleached and deodorised (RBD)
palm olein, with an extension of the ban to
crude palm oil (CPO).

fuel ethanol supply to SE Asia persists; spot
prices firm

By Bonnie Yin 28-Apr-22 16:24 SINGAPORE
(ICIS)–Import supply of fuel ethanol in
southeast (SE) Asia tightened on limited
feedstock availability and improved demand from
other regions, with market indications higher.

Group II base oils supply short in Q2, China
demand stifled on lockdowns

By Matthew Chong 28-Apr-22 15:12 SINGAPORE
(ICIS)–Asia’s Group II base oils supply
is expected to remain tight for the rest of the
second quarter on reduced production.

Asia’s soap noodles to
see upward pressure as Indonesia extends export
ban to CPO

By Helen Yan 28-Apr-22 13:22 SINGAPORE
(ICIS)–Asia’s soap noodles market is expected
to see upward price pressure in the near term
following the announcement by Indonesian
authorities on 27 April, to extend
the export ban on cooking oil to include crude
palm oil (CPO) exports.

SBR spot discussions may waver with increased
China exports

By Ai Teng Lim 28-Apr-22 09:24 SINGAPORE
(ICIS)–Asian spot import prices for styrene
butadiene rubber (SBR) are losing some ground
as more, and competitively-priced, materials
emerged from China.

Europe petchems
face higher gas prices as Gazprom halts
supplies to Poland, Bulgaria

By Jonathan Lopez 27-Apr-22
11:50 MADRID (ICIS)–European
petrochemicals players could face even higher
gas prices after Russia’s state-owned Gazprom
said it was halting deliveries to Poland and

Natural gas prices shot up nearly 20% in
European morning trading after Russia demanded
its gas supplies to Poland and Bulgaria are
paid for in roubles (Rb) instead of US dollars.

Bulgaria’s gas supply also to be halted
from Russia, following

By Ruth Liao, Aura Sabadus 27-Apr-22
03:22 HOUSTON AND LONDON (ICIS)-Bulgaria’s
gas supply from Russian producer Gazprom will
be suspended starting 27 April, according to a
statement from the country’s energy minister on
26 April.

This follows earlier news from Poland’s PGNiG
that Gazprom was also suspending its volumes
through the Yamal pipeline.

The Bulgarian energy minister’s statement said
state company Bulgargaz and Bulgarian Energy
Holding (BEH) found that the Russian decree to
pay in roubles was not in line with their
expiring contract and posed significant risks
to the country. The statement said the ministry
of energy, BEH and transporter Bulgartransgaz
have taken measures to make alternative gas
supply arrangements and no restrictive measures
would be required for the country’s

Asia’s volatile supply
conditions for caustic soda may persist amid
China lockdowns

By Jonathan Chou 27-Apr-22 15:20 SINGAPORE
(ICIS)–Asia’s supply conditions for liquid
caustic soda could remain unpredictable in the
near term amid uncertain supply conditions
caused by continued lockdowns in China.

France’s Air Liquide Q1
revenue rises 29.1% on surge in energy

By Nurluqman Suratman 27-Apr-22 15:20
SINGAPORE (ICIS)–Air Liquide’s revenue rose by
29% year on year in the first quarter of this
year, reflecting the sharp rise in energy
prices contractually passed on to Large
Industries customers, the French industrial
gases and services firm said on Wednesday.

Japan’s Toyota FY2021
global output surges, domestic production

By Nurluqman Suratman 27-Apr-22 15:05
SINGAPORE (ICIS)–Japan’s automaker Toyota on
Wednesday said that its worldwide production
surged to 8.57m units in the year ending 31
March 2022 but domestic output slumped to a
45-year low.

Norway’s Yara Q1 net
income surges on higher

By Nurluqman Suratman 27-Apr-22 14:47
SINGAPORE (ICIS)–Yara’s net income surged to
$947m in the first quarter of this year,
reflecting higher selling prices which more
than offset higher natural gas costs, the
Norwegian fertilizer major said on Wednesday.

Indonesia’s ban on RBD
palm olein to see limited impact on
oleochemical market

By Helen Yan 27-Apr-22 12:25 SINGAPORE
(ICIS)–Indonesia’s ban on domestic cooking oil
and refined, bleached and deodorised (RBD) palm
olein is expected to have limited impact on the
oleochemical market as players adopt a
wait-and-see stance.

INSIGHT: China PP exports
to rise in May on new start-ups, stronger US

By Lucy Shuai 27-Apr-22 12:00 SINGAPORE
(ICIS)–China’s polypropylene (PP) imports and
exports both fell in the first quarter of 2022.
The volume of imports may remain low, but
exports are likely to rise in the near term.

MPG sentiment to weaken further amid sellers’

By Jasmine Khoo 27-Apr-22 11:34 SINGAPORE
(ICIS)–Asian market sentiment for
monopropylene glycol (MPG) in May is poised to
weaken from a persistently widening gap between
Chinese origin industrial-grade propylene
glycol (PGI) cargoes and those of other
regional origin.

China’s April
Group II base oils imports expected to slump on
negative margins

By Whitney Shi 26-Apr-22 18:20 SINGAPORE
(ICIS)–China’s Group II base oils imports
started to drop in March and are expected to
fall sharply in April, in response to deeper
negative import margins from March-April.

Asia-China methanol arbitrage window opens,
demand uncertain

By Keven Zhang 26-Apr-22 13:42 SINGAPORE
(ICIS)–Losses in the key China market exerted
downward pressure on methanol prices in
southeast Asia, as the arbitrage window between
the two regions opened.

Northeast Asia Power
Play: The struggle between nuclear, coal and
gas generation at record LNG

By Alex Siow 26-Apr-22 12:44 In the face
of record high LNG spot prices – and strong
prices across commodities – ICIS have noticed
that the three major baseload fuel of nuclear,
coal and LNG seemed to be struggling to meet
demand. In Japan and South Korea, the
much-needed additional nuclear generation, has
again been delayed while gas and coal ability
to respond is limited.

Global EDC supply may
stay tight despite rising Asian

By Jonathan Chou 26-Apr-22 12:29 SINGAPORE
(ICIS)–While spot ethylene dichloride (EDC)
supply within Asia may increase, availability
from the US and Europe is expected to remain
curtailed due to an ongoing force majeure
declaration and higher production costs

Netherlands working on Russian fuel
independence by end of 2022

By Arlind Neziri 25-Apr-22 11:27 LONDON
(ICIS)–The Dutch government is working on
making the Netherlands independent from Russian
fossil fuels by the end of 2022, according to a
22 April announcement.

Oil flows ongoing despite Bryansk explosions –

By Richard Price 25-Apr-22 07:08 LONDON
(ICIS)–Explosions shook two oil facilities in
the western Russian city of Bryansk early on
Monday, home to a section of the Druzhba
pipeline – a key export route for Russian crude
headed to Europe.

German regulator begins gas consumption survey
to prepare for supply

By Eduardo Escajadillo 22-Apr-22 12:39 LONDON
(ICIS)–The German Federal Network Agency
(BNetzA) is to start gathering data from grid
operators and large consumers in the THE market
area, as a part of the first early warning
level of the country’s gas emergency plan , the
regulator announced on 21 April.

UK grid constraints could limit export
potential to Europe

By Rob Dalton 22-Apr-22 12:29 LONDON (ICIS)–UK
grid and export constraints could limit the
country’s ability to maximise its potential as
an LNG import location for onward supply to
Europe this summer, as the continent strives to
meet EU-proposed storage obligations by autumn.

Danish storage to lean on tight German

By Daniel Muir 22-Apr-22 11:49 LONDON
(ICIS)–Danish gas stores may be facing a
175mcm gap going into gas winter, according to
ICIS analysis.

India market softens on Russian supplies, China

By Keven Zhang 22-Apr-22 07:22 SINGAPORE
(ICIS)–Trades for methanol into India were
concluded at lower levels, with extensive
volumes of Russian spot cargoes arriving in

Eurozone manufacturing nearly stalls in April
as war worsens bottlenecks

By Jonathan Lopez 22-Apr-22 05:56 MADRID
(ICIS)–Manufacturing activity across the
eurozone nearly stalled in April as supply
chain bottlenecks worsened because of the
Russian invasion of Ukraine, according to the
S&P Global PMI index.

INSIGHT: Upstream, energy volatility drives
demise of the quarterly

By Will Beacham 22-Apr-22 05:26 BARCELONA
(ICIS)–A large scale switch from quarterly to
monthly contracts is under discussion in
Europe, driven by extreme volatility in
upstream feedstock and energy costs.

firms eyed as Shell markets its share in
Sakhalin-2 LNG project

By Roman Kazmin 22-Apr-22 15:55 SINGAPORE
(ICIS)–The share of Shell’s stake in the
Sakhalin Energy Sakhalin-2 LNG project in the
Russian far east could be sold to Chinese
energy companies, a Moscow-based source
confirmed to ICIS on 22 April.

PBT demand tepid, margins stay

By Clive Ong 22-Apr-22 11:52 SINGAPORE
(ICIS)–The Asian polybutylene terephthalate
(PBT) market remains under downward pressure
with demand on the wane, while sellers expect
limited improvement in margins for the near

PPG Q1 income falls on higher costs, supply
chain disruptions and geopolitical

By Adam Yanelli 21-Apr-22 16:26 HOUSTON
(ICIS)–US PPG saw a decrease in year-on-year
income for Q1 on higher costs, ongoing supply
chains constraints, the initial impacts from
Russia’s invasion of Ukraine and increasing
COVID-19 restrictions in China, the paints and
coatings producer said on Thursday.

INTERVIEW: Chemicals
M&A activity to slow on Russia/Ukraine war,
inflation impact – banker

By Joseph Chang 21-Apr-22 15:48 NEW YORK
(ICIS)–Chemicals mergers and acquisitions
(M&A) activity in 2022 will likely slow
from the strong pace in 2021 on heightened
energy volatility and economic uncertainty from
the Russia/Ukraine war along with higher
interest rates and other factors, an investment
banker said on Thursday.

INSIGHT: Early US chem
earnings show resilience amid

By Al Greenwood 21-Apr-22 11:10 HOUSTON
(ICIS)–US chemical earnings covering the first
months of 2022 have shown resilience, and
companies have seen demand hold up despite
inflation and the start of Russia’s invasion of

AkzoNobel Q1 profit shrinks 29% amid supply
chain disruptions

By Pearl Bantillo 21-Apr-22 15:17
SINGAPORE (ICIS)–AkzoNobel’s first-quarter net
profit fell by 29% year on year as sales
volumes dipped 7% due to continued supply
constraints, with negative impact from the
Russia-Ukraine war and COVID-19 restrictions in

Indian NBR import
discussions gain on supply

By Ai Teng Lim 21-Apr-22 15:50 SINGAPORE
(ICIS)–Indian import discussions for
acrylonitrile-butadiene-rubber (NBR) are
gaining ground, as cargo availabilities of
deep-sea origin dwindle, prompting buyers with
concrete requirements to raise bids and secure
replacement volumes from Asia.

China’s offshore oil
giant CNOOC shares gain 28% at Shanghai

By Fanny Zhang 21-Apr-22 16:39 SINGAPORE
(ICIS)–The share price of China’s biggest
offshore oil producer, CNOOC, gained 27.7% over
their initial public offering (IPO) of yuan
(CNY) 10.8/share at their debut on China’s
A-share market, in contrast to a 2.3% slump in
the Shanghai composite index on Thursday.

INSIGHT: Will growing US LNG exports erode
petchem feedstock advantage?

By Joseph Chang 20-Apr-22 14:18 NEW YORK
(ICIS)–It was back in 2013 at the start of the
US liquefied natural gas (LNG) building boom
when several US chemical and other
manufacturing company executives came out
against exports, arguing that the country would
be shipping away its feedstock advantage

CRUDE SUMMARY: Oil prices volatile as demand
concerns dominate sentiment

By Barney Gray 20-Apr-22 14:11 LONDON
(ICIS)–Oil prices were in negative territory
for most of Wednesday, spurred by weak demand
signals from the US Energy Information Agency
(EIA) offsetting bullish supply indicators.
However, a late rally left crude prices
comparatively flat on the day.

ICIS VIEW: UK can become key LNG conduit for
continent but faces capacity

By Rob Dalton 20-Apr-22 10:58 LONDON
(ICIS)–The UK has emerged as a strong
contender to be a key supplier of gas to
mainland Europe this summer as infrastructure
constraints combine with new EU storage
obligations and favourable locational spreads.

Russia eases restrictions on fertilizer

By Deepika Thapliyal 20-Apr-22 10:00 LONDON
(ICIS)–In Russia, the government has eased
restrictions on fertilizer exports by raising
export quotas for producers by nearly 700,000
tonnes until 31 May, according to a resolution
signed by Prime Minister Mikhail Mishustin.

Germany on track to meet gas storage targets
with current injection rates

By Arlind Neziri 20-Apr-22 09:55 LONDON
(ICIS)–Current German gas injection rates,
which have seen fullness rise four percentage
points this month to 26%, could lead to Germany
meeting its mandated storage targets in August
and October, if sustained.

Germany’s producer prices jump 30.9% in March
on Ukraine war impact

By Stefan Baumgarten 20-Apr-22 09:04 LONDON
(ICIS)–Producer prices in Germany rose 30.9%
year on year in March, the highest increase
since 1949 when the country’s statistical
agency began tracking the data, it said.

Russia’s petchems, crude and LPG export duties
down in May

By Sergei Blagov 20-Apr-22 06:09 MOSCOW
(ICIS)–Russia’s export duties levied on some
petrochemicals products and crude oil will
decrease in May.

EU car sales fall in March as war in Ukraine
impacts auto production

By Morgan Condon 20-Apr-22 06:08 LONDON
(ICIS)–Car sales in the EU fell in March and
for the first quarter overall compared to the
previous year, the European Automobile
Manufacturers’ Association (ACEA) said.

France’s chemicals sales up 6% in 2021 but
slowdown expected on energy costs, geopolitical

By Jonathan Lopez 20-Apr-22 05:49 MADRID
(ICIS)–France’s chemicals sales – including
pharmaceuticals – rose by 6% in 2021, year on
year, to €69bn, the country’s trade group
France Chimie said .

Malaysia exports more palm oil in Q1 on
sunflower oil disruption

By Helen Yan 20-Apr-22 03:35 SINGAPORE
(ICIS)–Supply disruption of edible vegetable
sunflower oil due to the Russia-Ukraine
conflict and restrictions on palm oil exports
to the US have seen Malaysia diversifying and
increasing its palm oil exports to other
countries and regions.

CRUDE SUMMARY: Crude plummets on fears of lower
growth forecasts

By Cecilia Barreiro 19-Apr-22 14:08 LONDON
(ICIS) – Oil prices eroded from Monday’s rally
on concerns over demand growth after the IMF
said the global economy will strongly
decelerate in 2022 because of Russia’s invasion
of Ukraine. These projections were enough to
offset bullish pressures stemming from a wave
of closures at Libya’s oilfields and the
reopening of China’s manufacturing plants
across Shanghai.

Germany’s Henkel prepares Russia exit amid
growing pressure on firms to

By Stefan Baumgarten 19-Apr-22 12:32 LONDON
(ICIS)–Henkel is preparing to exit its
business in Russia, where it employs about
2,500 people, the Germany-based international
adhesives and detergents major said.

Gazprom’s gas production stable, European piped
exports drop in Q1 2022

By Diane Elijah 19-Apr-22 10:28 LONDON
(ICIS)–Russian producer Gazprom’s gas
production between 1 January and 15 April
amounted to 155.9 billion cubic metres (bcm),
or 1.3% more than in the same period last year,
the state-controlled company announced on its
Telegram channel.

INSIGHT: Record natgas prices are raising costs
for US chemical producers

By Al Greenwood 19-Apr-22 10:26 HOUSTON
(ICIS)–Prices for natural gas are hitting
highs not seen since 2008, raising feedstock
and energy costs for petrochemical producers.

Russian coal ban puts bullish pressure on
German gas Cal ‘23

By Eduardo Escajadillo 19-Apr-22 10:12 LONDON
(ICIS)–The EU ban on Russian coal imports may
support the Calendar Year 2023 contract on the
German THE hub, ICIS analysis shows.

Baltic states look to LNG in push to diversify
from Russian gas supply

By Daniel Muir 19-Apr-22 10:04 LONDON
(ICIS)–Latvia, Estonia and Finland would have
to collectively replace around 3.4 billion
cubic metres (bcm)/year of Russian piped gas if
they were to eliminate Russian imports.

Poland-Belarus border paraffin wax prices up,
deliveries from Russia drying

By Cameron Birch 19-Apr-22 10:03 LONDON
(ICIS)–Spot prices for semi-refined paraffin
wax at the Poland-Belarus border were assessed
higher by triple digits amid continued strong
levels of demand and a worsening supply

Supply chain woes
to worsen, high food prices potentially
‘tragic’ – ICIS economist

By Jonathan Lopez 19-Apr-22
15:05 MADRID (ICIS)–The war in Ukraine is
set to worsen supply chain woes for the rest of
2022 while the hike in food prices as
fertilizers values rocket could have “tragic”
consequences in emerging countries, according
to an economist at ICIS.

Kevin Swift, Senior Economist for Global
Chemicals at ICIS, said the EU’s proximity to
Russia puts the 27-country bloc at high risk of
an energy crisis if supplies of crude oil or
natural gas were to be halted.

developing economies to bear brunt of Ukraine
war hit – IMF

By Jonathan Lopez 19-Apr-22
15:00 MADRID (ICIS)–European and
developing economies are to bear the brunt of
the economic hit caused by Russia’s invasion of
Ukraine as the world economy yet again
experiences “a major shock”, the International
Monetary Fund (IMF) said on Tuesday.

In its April World Economic Outlook (WEO)
projections, the IMF sharply reduced its global
GDP growth forecast for 2022 by 0.8 percentage
points to 3.6%; the world economy grew by 6.1%
in 2021.

US gas futures
surge on supply concerns

By Ruth Liao 18-Apr-22 23:18 HOUSTON
(ICIS)–The US gas futures front-month contract
continued to gain upward momentum, as the May
’22 contract on the NYMEX broke through
$8.00/MMBtu on Monday during intraday trading.

The NYMEX front month settled at $7.82/MMBtu,
buoyed by supply concerns mainly from limited
upstream growth and facing multi-year lows in
storage levels.

Germany bets on floating LNG import terminals,
environmentalists sceptical

By Stefan Baumgarten 15-Apr-22 09:21 LONDON
(ICIS)–Germany’s government is seeking to rent
floating liquefied natural gas (LNG) import
terminals to quickly move away from Russian gas
– but critics warn of a lack of transparency
and environmental impacts.

US natural gas reaches new record high on tight

By Fauzeya Rahman 14-Apr-22 17:47 HOUSTON
(ICIS)–US natural gas prices reached new
multi-year highs on Thursday as tight
production coupled with April weather-driven
demand boosted the Henry Hub benchmark.

US oil, natgas drillers add rigs as energy
prices continue to soar

By Adam Yanelli 14-Apr-22 15:22 HOUSTON
(ICIS)–US oil and natural gas drillers each
added two new wells this week amid volatile
energy markets boosted by supply concerns.

CRUDE SUMMARY: Oil prices up on Russian

By Barney Gray 14-Apr-22 14:11 LONDON
(ICIS)–Crude prices were up as the impending
loss of up to 3m bbl/day of Russian output in
May offset bearish factors.

Europe plans to increase regasification
capacity as it pivots away from Russian

By Hal Brown 14-Apr-22 11:11 LONDON
(ICIS)–Since Russia’s invasion of Ukraine,
Europe has announced its intention to develop
an additional LNG import capacity of around
33mtpa with reports of new projects coming
through regularly.

Tightening supply may limit European gas
storage injections in April

By Gretchen Ransow 14-Apr-22 11:06 LONDON
(ICIS)–Constrained Norwegian supply and
limited wind generation are likely to cap
storage injections in the latter part of April.

France issues demand side response rules to
mitigate potential gas supply

By Andrea Battaglia 14-Apr-22 11:03 LONDON
(ICIS)–The French transmission system operator
could ask large gas consumers with consumption
exceeding 5GWh per year – roughly 0.5million
cubic metres (mcm), including gas-fired power
plants and industrial consumers, to reduce or
fully halt their gas consumption in case of
extreme supply tightness, according to a new
law decree published on 8 April.

France’s new LNG project could curb interest in
MidCat pipeline

By Andrea Battaglia 14-Apr-22 10:59 LONDON
(ICIS)–As Europe seeks ways to reduce its
dependence on Russian gas, political leaders in
France and Spain recently mulled a revival of
the Midi-Catalunia (MidCat) pipeline project,
aiming to increase the interconnection capacity
of the Iberian Peninsula.

EU calls for full embargo of Russian energy,
fast-tracks adoption of new storage

By Diane Elijah 14-Apr-22 10:26 LONDON
(ICIS)–The European Parliament called for
additional sanctions against Russia including
an immediate full embargo on Russian oil, coal,
gas and nuclear fuel, in a non-binding
resolution adopted with a vast majority on 7

Europe’s gas-to-coal switch profitable despite
Russian coal ban

By Raymond Shi 14-Apr-22 10:15 LONDON
(ICIS)–Europe’s clean dark spreads are likely
to remain profitable enough to encourage
gas-to-coal fuel switching in the medium term,
despite an incoming blanket ban on coal imports
from Russia.

US New Fortress plans US Gulf Fast LNG

By Fauzeya Rahman 14-Apr-22 09:58 HOUSTON
(ICIS)–US developer New Fortress wants to
build a 2.8mtpa offshore LNG export plant in
the US Gulf and start operations by the first
quarter of 2023.

Covestro’s Steilemann warns of consequences of
embargo on Russian gas

By Nigel Davis 14-Apr-22 09:29 LONDON
(ICIS)–An immediate embargo on natural gas
from Russia would be short-sighted and threaten
entire production and supply chains and
thousands of jobs, Covestro CEO and VCI
president elect, Markus Steilemann, has warned.

Asia’s PBT holds steady
while demand remains tepid

By Clive Ong 14-Apr-22 17:14 SINGAPORE
(ICIS)–The Asian polybutylene terephthalate
(PBT) market was stable amid thin trade. Demand
in Asia remains soft with uncertainty expected
to stay elevated in the near term.

Asia ethylene downcast; China demand to stay

By Yeow Pei Lin 14-Apr-22 12:03 SINGAPORE
(ICIS)–Northeast Asia’s spot ethylene prices
fell for a second week, hobbled by deeper
downstream output cuts in China amid
COVID-related logistic bottlenecks.

March exports hit record high; fertilizer
imports up eightfold

By Priya Jestin 14-Apr-22 16:19 MUMBAI
(ICIS)–India’s exports in March rose 19.8%
year on year to $42.2bn – exceeding the $40bn
mark for the first time – on continued increase
in demand for its engineering goods and
petroleum products.

Singapore tightens
monetary policy as inflation threatens

By Nurluqman Suratman 14-Apr-22 14:01
SINGAPORE (ICIS)–The Monetary Authority of
Singapore (MAS) will allow the Singapore dollar
to appreciate against a basket of
trade-weighted currencies to tackle rising
domestic inflation, which threatens economic
growth this year.

Singapore Q1 GDP
moderates to 3.4% amid manufacturing

By Nurluqman Suratman 14-Apr-22 10:46
SINGAPORE (ICIS)–Singapore’s economy grew by
3.4% year on year in the first quarter,
moderating from the 6.1% expansion in the
fourth quarter of 2021, amid a slowdown in
manufacturing, official advance estimates
showed on Thursday.

US natgas rises to just under $7.00/MMBtu on
supply concerns

By Ruth Liao 13-Apr-22 17:07 HOUSTON (ICIS)–US
gas futures soared nearly 5% higher on
Wednesday amid supply concerns, as the Henry
Hub front-month contract briefly crossed over
the $7.00/MMBtu mark during trading before
settling just below.

US crude futures surge $3.65/bbl on supply

By Ignacio Sotolongo 13-Apr-22 15:12 HOUSTON
(ICIS)–NYMEX WTI crude futures for May
delivery extended the previous session’s rally
and recouped all of the previous week’s losses,
settling at $104.25/bbl, up $3.65, as the loss
of Russian oil exports due to sanctions will
start impacting global supplies in May.

CRUDE SUMMARY: Oil prices continue firming on
the loss of Russian crude supplies in

By Barney Gray 13-Apr-22 14:22 LONDON (ICIS)–A
demonstrable lack of progress in ending the
Russia-Ukraine war has offset bearish US
inventory data, as the market braces itself for
the loss of up to 3m bbl/day from Russia in

Grupa Azoty unaffected by EU sanctions on
stakeholder – company

By Will Conroy 13-Apr-22 10:35 LONDON
(ICIS)–Poland’s Grupa Azoty on Tuesday said in
a statement that sanctions imposed by the EU
and other western powers on Russian oligarch
Viatcheslav Kantor, who indirectly owns 19.82%
of the company, are not expected to have an
impact on its operations.

Crude demand hit by China lockdowns, Russian
supply to be 1.5m bbl/day lower in April –

By Jonathan Lopez 13-Apr-22 10:15 MADRID
(ICIS)–Severe lockdowns implemented in China
to contain the spread of the pandemic are set
to reduce global crude oil demand this year,
the International Energy Agency (IEA) said.

Canada’s central bank hikes key rate as Ukraine
war accelerates inflation

By Stefan Baumgarten 13-Apr-22 10:08 TORONTO
(ICIS)–Canada’s central bank on Wednesday
raised its target for the overnight lending
rate by 50 basis points, to 1.0% from 0.5%, and
said rates would need to be further increased
to curb rising inflation.

German institutes slash GDP forecast, Russian
gas halt would spark

By Stefan Baumgarten 13-Apr-22 08:38 LONDON
(ICIS)–Leading German economic research
institutes have slashed their 2022 forecast for
the country’s economic growth – and are warning
that a sudden interruption of Russian gas
supplies would lead to a recession.

Russia’s naphtha exports down sharply in March
as buyers turn away – IEA

By Jonathan Lopez 13-Apr-22 06:51 MADRID
(ICIS)–Petrochemicals companies in Europe and
most major markets shunned naphtha from Russia
during March, as sanctions against the country
were announced, the International Energy Agency
(IEA) said.

MEG discussions slip to lowest in 2022 as
demand deteriorates

By Judith Wang 13-Apr-22 17:45 SINGAPORE
(ICIS)–Asia’s monoethylene glycol (MEG)
discussions slipped to their lowest levels
since the beginning of the year, as downstream
demand deteriorated amid further operation cuts
from major polyester producers.

Affordability could
derail the role of gas in India’s energy

By Joachim Moxon 13-Apr-22 16:5 Winter is
over, but the start of spring has brought
little relief to a stretched global LNG market.
In late January, ICIS assessments for delivery
to India briefly touched below $20/MMBtu for
March delivery and this now seems as low as it
will get for spot prices in 2022.

naphtha jumps on crude oil gains; shrugs off
thin demand

By Melanie Wee 13-Apr-22 13:28 SINGAPORE
(ICIS)–Asia’s naphtha prices jumped on
Wednesday, tracking crude gains, but the market
is poised for volatility against a backdrop of
cautious demand as supply concerns loom.

US crude futures surge $6.31/bbl on OPEC

By Ignacio Sotolongo 12-Apr-22 16:09
HOUSTON (ICIS)–NYMEX WTI crude futures for May
delivery settled at $100.60/bbl, up $6.31, in
response to OPEC’s monthly report warning that
Russian oil and gas exports will be impossible
to replace if sanctions for Russia’s invasion
of Ukraine target energy.

US to allow sales E15 gasoline this summer to
help reduce gasoline prices

By Adam Yanelli 12-Apr-22 15:51 HOUSTON
(ICIS)–The US plans to increase domestic fuel
supplies by authorizing E15 gasoline – gasoline
blended with 15% ethanol – to be sold this

German chems can cope without Russian coal –

By Stefan Baumgarten 12-Apr-22 11:49 LONDON
(ICIS)–Germany’s chemical industry can cope
without supplies of coal from Russia, chemical
producers’ trade group VCI said.

Gas-to-coal fuel switching to remain profitable
despite Russian coal import

By Raymond Shi 12-Apr-22 10:33 LONDON
(ICIS)–Clean dark spreads are likely to remain
profitable enough to encourage gas-to-coal fuel
switching in the medium term, despite an
incoming blanket ban on coal imports from

Russian urea exports to Brazil halve in

By Deepika Thapliyal 12-Apr-22 10:23 LONDON
(ICIS)–In Brazil, imports of urea from Russia
declined 53% in the first quarter, while total
imports were at over 1.6m tonnes, down 17% from
nearly 2m tonnes in the same period of 2021,
according to the ICIS Supply and Demand

Germany’s March chem wholesale prices jump
40.1% on war impact

By Stefan Baumgarten 12-Apr-22 09:51 LONDON
(ICIS)–Chemical wholesale prices in Germany
kept rising sharply in March – 40.1% year on
year and 6.7% month on month – according to the
latest data from the country’s federal
statistics agency.

Ukraine crisis to hit global growth but
refinery margins soar in March –

By Tom Brown 12-Apr-22 08:59 LONDON ICIS)–OPEC
on Tuesday revised down global GDP growth
expectations for the year from 4.2% to 3.9% on
the back of the invasion of Ukraine, while a
growing supply-demand imbalance drove refinery
margins to the highest levels since the
pandemic last month, according to the group.

PODCAST: Europe buyers look to Asia as
logistics crisis persists

By Will Beacham 12-Apr-22 08:05 BARCELONA
(ICIS)–Downstream customers in Europe are
seeking new supplies of chemicals from Asia as
they avoid high prices and Russian material,
but the global logistics crisis may persist for
the rest of the year.

Most European urea imports up in 2021; Russian
imports to fall on sanctions

By Deepika Thapliyal 12-Apr-22 07:00 LONDON
(ICIS)–Urea imports rose for most European
countries in 2021 despite prices being at
record highs, except for some including Spain
and the UK, which saw slight year-on-year

German economic sentiment sinks further in
April, stagflation on the horizon –

By Tom Brown 12-Apr-22 06:21 LONDON
(ICIS)–Expectations for Germany’s economic
growth sank further in April compared to the
previous month, with the assessment of future
prospects falling further and expectations that
the next half-year could see the country
descend into stagflation, institute Zew said.

Demand slowdown weighs on
Asia polyester talks; outlook

By Judith Wang 12-Apr-22 16:48 SINGAPORE
(ICIS)–The overall demand slowdown in China
has weighed on polyester discussions, while
major polyester producers in China are cutting
operations amid rising inventories and a
bearish market outlook.

petrochemicals supply chain struggles amid
pandemic curbs

By Fanny Zhang 12-Apr-22 14:33 SINGAPORE
(ICIS)–China’s entire petrochemical supply
chain is facing strong headwinds due to tough
pandemic-related restrictions in place at
various production hubs, including Shanghai.

rises more than $2/bbl on OPEC tight supply

By Nurluqman Suratman 12-Apr-22 13:21
SINGAPORE (ICIS)–Oil prices rose more than
$2/bbl on Tuesday, reversing sharp losses in
the previous session, after OPEC warned it
would not be able to replace supply lost from
Russia due to sanctions.

March vehicle markets slump; sales down 11.7%
on year

By Fanny Zhang 12-Apr-22 11:59 SINGAPORE
(ICIS)–China’s vehicle markets took hits from
increasing outbreaks of COVID-19 in March, with
sales down by 11.7% year on year to 2.23m and
production losing 9.1% to 2.24m units, official
industrial data showed on Monday.

US gas futures rise nearly 6%, hit highest
level since 2008

By Ruth Liao 11-Apr-22 17:21 HOUSTON (ICIS)–US
natural gas futures on the NYMEX scaled higher
to $6.64/MMBtu on Monday, the highest
front-month settlement for the Henry Hub
benchmark since October 2008.

US crude futures slide $3.97/bbl on length

By Ignacio Sotolongo 11-Apr-22 15:13 HOUSTON
(ICIS)–NYMEX WTI crude futures for May
delivery settled at $94.29/bbl, down $3.97/bbl,
on market sentiment that the co-ordinated
effort by members of the International Energy
Agency (IEA) to release barrels from strategic
petroleum reserves will help alleviate the loss
of Russian barrels.

BASF projects Q1 profit drop on Wintershall Dea
Nord Stream 2 loan

By Tom Brown 11-Apr-22 11:02 LONDON
(ICIS)–BASF’s first-quarter net income is
likely to fall substantially year on year,
largely on the back of impairments related to
its Wintershall Dea oil and gas joint venture
unit, particularly on loans to the
presently-halted Nord Stream 2 pipeline, the
Germany-based firm said.

OGE plans construction of pipeline link for
Wilhelmshaven LNG terminal

By Eduardo Escajadillo 11-Apr-22 10:59 LONDON
(ICIS)–Germany’s Open Grid Europe (OGE)
intends to complete the connection line for the
floating storage regasification unit (FSRU) at
Wilhelmshaven by the end of 2022, the company
announced over the weekend.

North Sea oil market slump challenges tight
supply narrative

By Richard Price 11-Apr-22 10:00 LONDON
(ICIS)–Crude oil’s meteoric rise to $140/bbl
after Russia’s invasion of Ukraine pointed to
the tightest market in decades. However,
signals in the physical market and newly
emerging demand concerns have seen sentiment
reshape. The reality is that Russian crude has
still been finding its way into the European
refining ecosystem, but these volumes should
wane throughout April.

Dow acquires stake in LNG import terminal in
Stade, Germany

By Jonathan Lopez 11-Apr-22 09:51 MADRID
(ICIS)–Dow has acquired a stake in Hanseatic
Energy Hub GmbH (HEH), a consortium building a
liquefied natural gas (LNG) terminal on its
Stade facilities in Germany, the US chemicals
major said.

Suspended German coal phase-out could save 2bcm
of gas in 2023

By ICIS Editorial 11-Apr-22 09:09 LONDON
(ICIS)–Suspending Germany’s coal phase out by
two years would limit demand for natural gas by
2 billion cubic metres (bcm) in 2023, according
to ICIS modelling.

Russia among top three urea exporters to the US
in January-February

By Deepika Thapliyal 11-Apr-22 08:17 LONDON
(ICIS)–In the US, urea imports were at 870,551
tonnes in January-February, up 16% from 749,060
tonnes in the same period of 2021, according to
the ICIS Supply and Demand Database.

INEOS calls on UK government to allow test
fracking site

By Tom Brown 11-Apr-22 07:02 LONDON
(ICIS)–INEOS has requested that the UK
government allow it to develop a shale gas test
site in the country, a year and a half after
writing down the value of its exploration
assets in the space after the country declared
a moratorium on fracking.

IPEX up 8.6% on firming prices in northeast
Asia, US Gulf

By Miguel Rodriguez Fernandez 11-Apr-22
18:14 LONDON (ICIS)–The ICIS Petrochemical
Index (IPEX) rose by 8.6% month on month in
March, as rising feedstock crude oil and energy
prices pushed petrochemicals and plastics
prices higher globally.

MEK soars to new high on US, Europe

By Julia Tan 11-Apr-22 17:46 SINGAPORE
(ICIS)–Asian methyl ethyl ketone (MEK) import
markets continued to soar to new highs in the
week ended 8 April, as demand from the US and
Europe kept trading levels high and selling
pressure low despite tepid demand from Asia.

March petrochemicals track crude gains;
lockdowns keep output low

By Yvonne Shi 11-Apr-22 15:51 SINGAPORE
(ICIS)–China’s petrochemical markets mainly
tracked crude gains in March, with additional
upward pressure from tighter supply on reduced
local production due to pandemic-related


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