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Petchems stocks get hammered on crude, Wall Street losses: PCW index
HOUSTON, December 4, 2015 (PCW) –- Petchems companies’ stocks all took a dive as crude crumbled and Wall Street was hammered.
WTI crude fell below the critical $40/bbl mark Wednesday, but rallied Thursday to settle just about $41/bbl as US production data continued to show rampant increases. As such, other commodities, such as natural gas liquids and natural gas, also fell during the week.
Unsurprisingly, the midstream sector was the week’s biggest loser with its average share price down $2.91/share, or 10.18%, to $25.67/share. This was led by Kinder Morgan’s nearly 21% stock price decline on the week as Moody’s downgraded its outlook to ‘negative’ amid dividend worries.
The aromatics/refinery sector was next with its average stock price down $3.08, or 4.45%, to $66.11/share. This was led by Williams’ 8.73% stock price collapse on the week, which was also a result of analysts’ downgrade.
Meanwhile, the vinyls sector was down $1.50, or 3.77%, to $38.16/share. Olefins/polyolefins’ average stock price fell $1.30, or 2.02%, to $62.97/share. The lone gainer in the group was Eastman Chemical, which saw a 21 cents/share increase on the week as the company declared an increased quarterly dividend on Wednesday. – 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.