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Petchems stocks falter as crude softens again: PCW index
HOUSTON, December 31, 2015 (PCW) –- Petchems companies’ stocks seemed intent on closing out the year on a down note, largely led by crude’s loss on the week.
WTI crude was about 1.76% weaker compared to a week ago, even though other major economic indicators saw minimal movements.
The midstream sector saw the week’s largest loss as its average stock price fell $1.08, or 4.87%, to $21.16/share. Kinder Morgan led the pack in losses with its average stock price down $1.87 or 11.4% as the company continued to attract strong short interest.
The vinyls sector was next with its average stock price down $0.85, or 2.36%, to $35.10/share. Olin took the biggest tumble with its stock falling $1.25 or 6.63% on the week.
The aromatics/refinery sector’s average stock price fell $1.29, or 1.98%, to $64/share. The WTI/Brent spread has narrowed significantly during the week, coming in well below $1/bbl, jeopardizing refined products exports and ultimately weakening companies in this sector.
Finally, the olefins/polyolefins sector saw its average stock price drop $1.14, or 1.87%, to $59.73/share during the week. – 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.