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Petchems stocks extend plunge as crude, Dow, S&P slide: PCW Index
HOUSTON, December 18, 2015 (PCW) –- Petchems companies’ stocks resumed their southward march on the back of weaker crude and softening economic indicators.
WTI and Brent crude both remained under the $40/bbl mark, charting fresh multi-year lows. Additionally, the S&P 500 and Dow Jones Industrial Average saw a slight downtick, although further losses were stemmed by the Fed’s decision during the week to hike interest rates.
The midstream sector saw the biggest hit with its average stock price down $3.97, or 16.95%, to $19.43/share during the week. Natural gas liquids and natural fell to multi-year lows during the week, making midstream firms vulnerable to stock price weakness. Targa led the pack with its stock price down $3.34, or 17.94%, to $15.28/share during the week amid heavy trading volumes.
The vinyls sector was next in line with its average stock price down $5.17, or 130.04%, to $34.48/share. Axiall saw the biggest loss on the week, even as it announced Friday that it had decided to move forward on its joint-venture 1 million mt/yr ethane cracker with Lotte Chemical in Louisiana.
Meanwhile, the olefins/polyolefins sector fell $5.66, or 8.81%, to $58.60/share on average. Williams saw a whopping loss of $5.98, or 20.15%, to $23.70/share during on the week as several analysts downgraded their ratings on the Tulsa-based company that was recently acquired by Energy Transfer.
The aromatics/refinery sector fell $4.23, or 6.11%, to $64.96/share on average. Strong gasoline demand continued to prevent deeper losses. ExxonMobil’s $12 rise on the week also help to stymie greater declines. -– Samantha Hartke
Midstream: Enterprise Products Partners, Energy Transfer Partners. Targa Resources, Markwest Energy Partners, Sunoco Logistics, Kinder Morgan, Boardwalk Pipeline Partners and Oneok.
Olefins/Polyolefins: Dow Chemical, Dupont, Eastman Chemical, Westlake Chemical, Williams, ExxonMobil, Shell, LyondellBasell, Axiall, Occidental Petroleum.
Aromatics/Refinery: ExxonMobil, Shell, Phillips 66, Tesoro, Valero, Alon USA Energy, Chevron, Marathon Petroleum and PBF Energy.
Vinyls: Westlake, Axiall, Occidental Petroleum, Olin, Ply Gem, Armstrong World Industries, PolyOne.