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Petchems stocks rally as crude makes gains: PCW index
HOUSTON, June 24, 2016 (PCW) -– Petchems companies’ stocks rose week on week as crude gained 8.44% during the same time frame and economic indexes saw milder increases.
The midstream sector once again most closely mirrored crude’s gains with its average stock price up $1.81, or 5.94%, to $32.27/share. The group was led by Energy Transfer’s 7.7% increase during the week as the company and its intended buyout target, Williams, headed to court. The ruling, which is expected as early as Friday, is expected to favor Energy Transfer and provide a way out of the embattled merger, which resulted in a surge in investor confidence.
The aromatics/refinery group was next with its average stock price up $2.26, or 3.97%, to $59.06/share. Shell’s 10.08% rise buoyed the group as its stock hit a 52-week high on Thursday, the day of the Brexit vote, as the supermajor stated it would work with the United Kingdom and the European Union to ensure it would be business as usual. With votes counted on Friday, the United Kingdom opted to leave the EU, sending financial markets spiraling downward.
The vinyls sector’s average stock price increased $1.30, or 3.44%, to $39.09/share. Ply Gem was in the lead with its stock price gaining 6.81% week on week on higher-than-average trading volumes.
Finally, the olefins/polyolefins group’s average stock price picked up $1.45, or 2.43%, to $61.05/share. Some companies’ losses were muted by Shell stock’s big move during the week. –- 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.