MH Daily Bulletin: April 19

April 19, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

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  • Oil prices rose over 1% Monday after Libya declared force majeure at several oilfields, including its biggest, due to political protests. 
  • In mid-morning trading today, WTI futures were down 4.7% at $103.10/bbl and Brent was down 4.5% at $108.10/bbl. U.S. natural gas was down 3.6% at $7.54/MMBtu, remaining near its highest in over a decade
Natural gas (USD/MMBtu)
  • Yesterday’s national average price for a gallon of U.S. gas dropped to $4.08, roughly 19 cents lower than a month ago but $1.21 higher than a year ago:
National Gas Price Comparison 2019-2022
  • Average heating oil prices in the U.S. ended the winter season at $5.13 per gallon, more than $2 higher than last year amid elevated demand and declining inventories:
Residential heating oil and propane prices end the winter season higher than last winter
  • U.S. shale production from major basins is set to rise 132,000 bpd in May to 8.648 million bpd, the largest monthly increase of the pandemic, according to the government. 
  • The U.S. Energy Department will soon unveil plans for a $6 billion program aimed at keeping aging nuclear plants in service following a string of reactor retirements last year. 
  • OPEC+ produced 1.45 million bpd below its production targets in March, largely on a decline in Russian output. Saudi Arabia boosted exports. Chinese refinery throughput fell to a six-month low in March on declining demand, and coal production jumped 15% to a near-record. 
  • China’s plans for wind farms in Tibet could provide enough electricity to power the U.K., Germany and France combined, officials say. The nation is already on track to install 140 GW of clean energy capacity this year, the most in the world. 
  • A merchant ship carrying up to 1,000 tonnes of oil sank off the northern coast of Africa Sunday, authorities said. 

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