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Petchems stocks strengthen as dollar weakens, indexes advance: PCW index
HOUSTON, April 1, 2016 (PCW) –- Petchems companies’ stocks saw gains for the most part this week even as WTI crude and the US dollar faltered and economic indexes picked up steam.
The midstream sector had the week’s biggest gains with its average stock price up $1.24, or 5.26%, to $24.91/share. The group was buoyed by Energy Transfer’s 11.4% week-on-week gains as large institutional investors, such as Morgan Stanley and Bank of Montreal, upped their positions in ETP’s
The vinyls group was next with its average stock price up 92 cents, or 2.68%, to $35.23/share. Armstrong World Industries was in the lead with its stock price up 8.38% on the week as several analysts upgraded their ratings of the company.
The aromatics/refinery sector’s average stock price rose 34 cents, or 0.56%, to $60.54/share. Companies saw mixed results with gains by the likes of P66 tempered by losses from Tesoro and Valero. Such losses were likely on the back of softening Western gasoline cracks, which had previously supported these companies’ stocks.
The olefins/polyolefins sector was the only group that saw losses as its average stock price declined 5 cents, or 0.9%, to $58.30/share. Williams continued to drag the group lower as its impending acquisition by Energy Transfer remained a source of market speculation. Additionally, a highly volatile spot ethylene market, which saw prices drop more than 7 cents/pound over the course of two days, provided further bearish pressure.– 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.