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NGLs Week

NGLs Week Newsletter  

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Petchems stocks soften slightly as indexes weaken, crude stalls: PCW index

HOUSTON, October 13, 2016 (PCW) – Petchems companies’ stocks were slightly weaker as crude went practically unchanged but stayed above $50/bbl mark and indexes softened.

The olefins/polyolefins sector was the hardest hit with its average stock price down $1.77/share, or 2.83%, to $60.89/share. Eastman Chemical saw the largest dipping losing 6.68% on the week as several analysts downgraded the company’s stock.

The vinyls group was next as its average stock price shed $1.02/share, or 2.56%, to $38.88/share. PolyOne was the biggest loser, falling 9.27% week-on-week as several institutional investors sold off their shares, resulting in a handful of analysts downgrading the stock to ‘Hold.’

The aromatics/refinery sector saw its average stock price lose 80 cents/share, or 1.34%, to $58.50/share. PBF Energy’s stock declined 9.01%, also on a rash of analyst downgrades and downward revisions of earnings estimates. Additionally, during the week PBF Energy’s Torrance refinery in California, which it recently acquired from ExxonMobil, went offline unexpectedly after an area-wide power outage, further eroding company confidence.

Finally, the midstream group’s average stock price dipped 42 cents/share, or 1.3%, to $32.15/share. Kinder Morgan came of 6.97% during the week as several institutional investors liquidated their positions ahead of earnings season at the end of this month. – Samantha Hartke

*Index components:

Weekly Stock Price Index
  This Week Last Week Difference % Difference
Midstream Average 32.15 32.58 -0.42 -1.30
Olefins/Polyolefins Average 60.89 62.66 -1.77 -2.83
Aros/Refinery Average 58.50 59.29 -0.80 -1.34
Vinyls Average 38.88 39.90 -1.02 -2.56
Major Economic Indicators
  This Week Last Week Difference % Difference
EUR/USD 1.11 1.11 -0.01 -0.83
Dow Jones Indices 18098.44 18268.50 -170.06 -0.93
S&P 500 2132.55 2160.70 -28.15 -1.30
WTI crude 50.44 50.44 0.00 0.00