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Petchems stocks continue rise as crude moves above $50/bbl: PCW index
HOUSTON, June 10, 2016 (PCW) -– Petchems companies’ stocks rose during the week as crude settled above $50/bbl.
The midstream sector was in the lead again with its average stock price up 73 cents/share, or 2.34%, to $31.75/share. Oneok was the group’s largest mover with its stock price up 6.4% on the week amid lighter-than-average volumes as analysts warned that the company’s stock had been overbought.
The vinyls group was next with its average stock price gaining 80 cents/share, or 2.17%, to $37.83/share. Axiall was in the lead with its stock price shooting up 15.53% week-on-week as Lotte Chemical announced it was submitting a competing bid for the firm that would match the one currently on the table from Westlake Chemical. Axiall has been the subject of a hostile takeover from Westlake since earlier this year.
The olefins/polyolefins sector saw its average stock price rise 61 cents/share, or 1.01%, to $60.57/share. Shell saw the biggest increase with its stock price rising 7.1% on news that it would move ahead with its ethane cracker in Pennsylvania. The supermajor also announced during its analysts’ day this week it would further trim capital budgets, reduce its workforce and divest other non-core assets in order to improve its bottom line.
Finally, the aromatics/refinery group’s average stock price moved up 19 cents/share, or 0.32%, to $58.86/share. Although Shell’s ascent pulled the group higher, losses from other company’s stymied further gained. For instance, PBF Energy’s 6.31% decrease was largely due to weakening gasoline cracks as well as several institutional investors’ decreasing their position in the refiner’s stock. -– 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.