New From PetroChem Wire . . . .
PetroChem Wire and Genscape have partnered to create NGLs Week, a comprehensive summary of price trends, upstream and downstream costs, operations news and supply/demand forecasts. The report contains everything you'll need to understand what's happening in the NGL markets.
For more information,
Petchems stocks post mixed results as crude rallies, indexes dip: PCW index
HOUSTON, August 5, 2016 (PCW) -– Petchems companies’ stocks proved to be a mixed bag even as crude rallied, while economic indexes were mildly weaker. Most firms announced weaker second-quarter earnings this week with many of the supermajors and refiners posting hefty losses.
The midstream sector, however, followed crude’s 1.92% gain. Its average stock price rose $1.01/share, or 3.29%, to $31.62/share. Targa saw the biggest leap, rising 8.8% on the week. Despite reporting a 2Q net loss of $52.6 million on Wednesday, trading volumes of the company’s stock was markedly higher than average, pushing it significantly above its 50-day moving average.
The olefins/polyolefins group saw the lion’s share of losses with its average stock price down $1.84/share, or 3.05%, to $58.73/share. Eastman Chemical led the pack, losing 7.94% of its value. With its 2Q earnings missing The Street’s estimates by a mile, several analysts downgraded the company’s stock mid-week, leading to a sell-off.
The aromatics/refinery sector’s average stock price fell 14 cents/share, or 0.25%, to $57.05/share. While most refiners took hits during the week, Alon’s 8.37% stock price increase based on analyst upgrades, stemmed a deeper slide from the sector.
Finally, the vinyls group’s average stock price dipped 8 cents/share, or 0.22%, to $38.09/share. While most vinyls firms’ share prices were slightly lower on weaker earnings, Armstrong World Industries’ more solid quarterly performance and subsequent 2.72% price increase helped keep the sector afloat. – 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.