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Petchems stocks advance alongside crude: PCW index
HOUSTON, September 23, 2016 (PCW) – Petchems companies’ stocks were higher during the week that crude oil increased 5.49%.
The midstream sector once again moved in lockstep with crude with its average stock price up $1.62/share, or 5.12%, to $33.27/share. Enterprise Product Partners was in the lead with its shares gaining 6.55% during the week, thanks largely to Credit Suisse upgrading the firm’s rating to an ‘Outperform.’
The vinyls group’s average stock price inched up 22 cents/share, or 0.59%, to $38.11/share. Strong gains from Ply Gem were negated by Occidental Petroleum’s 1.94% decline on the week amid news of corporate executives selling their stock.
The olefins/polyolefins sector rose 25 cents/share, or 0.42%, to $59.59/share. Similar to the vinyls sector, a strong rebound from Williams was washed out by losses from ExxonMobil and Dupont. Dupont’s softening comes on the heels of news that the European Union is halting its review of the company’s potential merger with Dow Chemical, pending more information from the firms. The US Senate is also conducting hearings on the merger amid anti-trust concerns.
Finally, the aromatics/refinery group’s average stock price went practically unchanged at $58.27/share due to mixed stock performances from the companies – gains from Tesoro vs losses at ExxonMobil and Marathon Petroleum. – 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.