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Petchems stocks stumble as crude crumbles, settles below $50: PCW index
HOUSTON, June 17, 2016 (PCW) –- Petchems companies’ stocks stumbled during the week as crude saw steep declines and ultimately settled below $50/bbl.
The midstream sector followed crude’s lead most closely with its average stock price down $1.29/share, or 4.06%, to $30.46/share. Sunoco Logistics’ bore the brunt of losses, falling 6.96% week on week amid extremely light trading volumes.
The aromatics/refinery group was next with its average stock price down $2.06/share, or 3.51%, to $56.80/share. Alon saw the steepest tumble with its stock price losing 12.38% during the week as trading volumes appeared to be unusually high. Several analysts have put out cautionary notes about the company’s stock price performance during the week, likely leading to a selloff.
The olefins/polyolefins sector’s average stock price fell 96 cents/share, or 1.59%, to $59.60/share. Williams’ stock price was the hardest hit, declining 4.94% during the week, as its embattled sale to Energy Transfer still remained in limbo. Some analysts urged investors to sell Williams stock, expecting the Tulsa-based firm to reduce its third-quarter dividend should the buyout to ETP fail.
The vinyls group’s average stock price shed 4 cents/share, or 0.09%, to $37.79/share. The losses of most of the companies in this sector was stemmed by Axiall’s 26.15% stock price surge, thanks to news of its purchase by Westlake Chemical of $3.8 billion, $0.7 billion above Westlake’s initial asking price. –- 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.