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Petchems stocks falter as crude softens, Euro crumbles: PCW index
HOUSTON, July 1, 2016 (PCW) -– Petchems companies’ stocks weakened week on week as crude fell 3.55% and settling below $50/bbl during the same time frame. Meanwhile, the Euro tumbled relative to the US dollar and economic indexes saw milder decreases.
The olefins/polyolefins sector took the biggest hit with its average stock price down $2.26/share, or 3.7%, to $58.79/share. Dow saw the steepest decline as its stock price lost 7.4% of its value as the company announced this week it was cutting 2,500 jobs (about 4% of its workforce) as it took over Dow Corning. Dow also said it was shuttering plants in North Carolina and Japan as part of this move, as well as some administrative and corporate locations.
The vinyls group was next with its average stock price losing $1.25/share, or 3.2%, to $37.84/share. PolyOne led the pack with its stock price shedding 6.25% on the week as institutional investors sold off their shares in the company.
The midstream sector’s average stock price decreased 58 cents/share, or 1.8%, to $31.69/share. Energy Transfer took the pole position as it announced this week it was terminating its agreement to buy Williams. Williams promptly responded by saying it would seek monetary damages from Energy Transfer for breaking the $37 billion deal.
Finally, the aromatics/refinery group’s average stock price fell 47 cents/share, or 0.8%, to $58.59/share. Some companies’ gains were stymied by Alon’s 5.26% drop week on week amid heavy trading volumes.– 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.