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NGLs Week

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Petchems stocks flag as crude, economic indicators drop: PCW Index

HOUSTON, January 8, 2016 (PCW) -– Petchems companies’ stocks began the new year by resuming their downward march as crude probed fresh lows and other economic indicators drooped on China’s continued economic woes.

WTI crude fell $3.57/bbl, or 9.69%, week on week, on concern about oversupply and fears over the health of Chinese demand. Also based on a collapse in the Chinese stock market Thursday, the Dow Jones Industrial Average and S&P 500 index took hits.

The vinyls sector saw the biggest losses as its average stock price fell $3.15, or 8.98%, to $31.95/share during the week. Axiall led the pack with its stock price down $3.15, or 20.34% as market analysts issued a sell rating on the company’s stock based on poor year-on-year performance.

The olefins/polyolefins sector was next with its average stock price lower by $4.71, or 7.88%, to $55.02/share. Williams was the biggest loser with its stock price down $3.80, or 15.57%, largely on S&P’s downgrade of the company’s master limited partner’s corporate credit rating to ‘BBB-.’

Midstream firms saw their average stock price shed $1.25, or 5.93%, to $19.91/share. Targa took the biggest hit with its share price coming off 16.34% during the week ahead of the company’s $6.67 billion acquisition of its MLP. A stockholder meeting to vote on the deal is set for February 12.

The aromatics/refinery sector saw the slimmest declines as its average stock price declined $2.19, or 3.42%, to $61.81/share. Further losses was stemmed by stock gains from Valero, PBF Energy and Tesoro. Tesoro, in particular, got a boost from its announcement Wednesday that it would acquire crude oil and refined products storage and pipelines in Los Angeles for $500 million, boosting its position in a premium-priced gasoline and jet fuel market. – Samantha Hartke

*Index components:

Weekly Stock Price Index
  This Week Last Week Difference % Difference
Midstream Average 19.91 21.16 -1.25 -5.93
Olefins/Polyolefins Average 55.02 59.73 -4.71 -7.88
Aros/Refinery Average 61.81 64.00 -2.19 -3.42
Vinyls Average 31.95 35.10 -3.15 -8.98
Major Economic Indicators
  This Week Last Week Difference % Difference
EUR/USD 1.09 1.09 0.00 -0.04
Dow Jones Indices 16514.10 17603.87 -1089.77 -6.19
S&P 500 1943.09 2063.36 -120.27 -5.83
WTI crude 33.27 36.84 -3.57 -9.69