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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

*Index components:

Weekly Stock Price Index
  This Week Last Week Difference % Difference
Midstream Average 25.67 28.57 -2.91 -10.18
Olefins/Polyolefins Average 62.97 64.27 -1.30 -2.02
Aros/Refinery Average 66.11 69.19 -3.08 -4.45
Vinyls Average 38.16 39.65 -1.50 -3.77
Major Economic Indicators
  This Week Last Week Difference % Difference
EUR/USD 1.09 1.06 0.03 2.97
Dow Jones Indices 17477.67 17813.39 -335.72 -1.88
S&P 500 2049.62 2088.87 -39.25 -1.88
WTI crude 41.08 43.04 -1.96 -4.55