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African Petrochemicals is Africa’s leading bi-monthly trade magazine featuring all the latest petrochemical industry news, special reports, technological advances etc.

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  • Can Fire Ice Replace Both Oil And Renewables?
    Posted by Irina Slav on August 24, 2016 at 7:22 pm

    Do you remember the peak oil hysteria from the early 2000s? Oil didn’t just not end, the world started pumping even more thanks to the shale revolution. Now the reign of fossil fuels is being undermined by renewable energy and batteries, spurred on by the growing environmental awareness of humankind. But it’s precisely this growing awareness – along with a few other things like the drive to energy independence – that could usher in a new era of fossil fuels: the era of methane hydrates. Methane hydrates are, simply put, […]

  • The Top 4 Oil Majors Are Burning Through $80 Billion Per Year
    Posted by OilPrice.com on August 24, 2016 at 5:54 pm

    So what do you do when the commodity you harvest and sell suddenly collapses by 50-60 percent and slashes your operating profit? If you said, raise a whole bunch of debt and continue spending on new capital projects to drill for even more supply in a collapsing market, then you might be an oil CEO. The Wall Street Journal this morning pointed out that raising debt to cover cash burn is exactly what the largest oil companies in the world are doing. In fact, the 4 largest oil companies have doubled their net debt positions since 2014 when the o […]

  • ‘’Like A Rollercoaster’’ Hyper-Volatile Oil Funds See Popularity Spike
    Posted by Charles Kennedy on August 24, 2016 at 4:54 pm

    The past two years have seen record volatility in oil prices, opening up opportunities for investors with a high appetite for risk. Several exchange-traded notes (ETNs) and exchange-traded funds (ETFs) that track crude oil prices have become extraordinarily popular, particularly among younger investors that can stomach the daily whiplash from sharp movements in oil prices. Bloomberg reports that the VelocityShares 3X Long Crude ETN, which trades up or down three times as much as the daily move of oil prices, has become the fifth most traded security […]

  • Oil Plunges After EIA Reports Builds Across The Board
    Posted by Irina Slav on August 24, 2016 at 2:58 pm

    The EIA reported a 2.5-million-barrel increase in crude oil inventories for the week to August 19, following a draw of the same amount reported by the authority last week. Total inventories stood at 523.6 million barrels, still at record-high levels for this time of year. Gasoline inventories, the EIA said, remained unchanged from the previous week, again remaining at an unusually high level for the season. Last week these inventories were down by 2.7 million barrels, marking the third week of declines in gasoline inventories, which caused traders […]

  • Russia Sees Oil At US$50 Till Late 2017
    Posted by Irina Slav on August 24, 2016 at 2:12 pm

    The Russian Economy Ministry said in a statement it expected crude oil prices to remain stable at their current range of US$45-50 over the next two years, with a sustainable improvement beginning in late 2017. The latest rally in prices, according to the ministry’s statement, has “a speculative nature” and will not last long. This was proven yesterday when the American Petroleum Institute released its weekly report on inventories, stunning the market with a 4.46-million-barrel buildup, when almost all analysts expected a draw […]

  • Forget The Pullbacks – Oil To See Strong Rebound In 2017
    Posted by Dan Steffens on August 23, 2016 at 9:54 pm

    August 11, 2016 may be the point in this oil price cycle that will mark the start of a sustained increase in crude oil prices. That’s the date that the International Energy Agency (IEA) published their forecast that demand for oil would exceed supply in the 3rd quarter. Shortly after the IEA’s Oil Market Report came out, the Saudi Energy Minister Khalid al-Falih said the kingdom would work with other producers to stabilize the market. Tighter supply and OPEC willing to curb production growth is a recipe for higher oil prices. &nbs […]

  • Oil Tanks After API Reports Massive Build In U.S. Crude Stocks
    Posted by Zainab Calcuttawala on August 23, 2016 at 9:43 pm

    The American Petroleum Institute reported a 4.464 million barrel increase in U.S. crude oil inventories in the biggest build in crude supplies in four months. These figures are in stark contrast to a survey by Reuters earlier today, which showed an expert consensus for a 0.5 million-barrel draw in crude oil inventories. Similarly, Zero Hedge’s sources expected an 850,000 barrel draw this week, while analysts polled by S&P Global Platts expected a 200,000-barrel rise in U.S. crude inventories. No estimates expected the massive increas […]

  • Can Oil Break Out Of Its Narrow Band Anytime Soon?
    Posted by Nick Cunningham on August 23, 2016 at 9:36 pm

    OPEC’s decision to hold a previously unscheduled meeting next month in Algeria sparked a massive price rally, adding about $8 per barrel to WTI and Brent in short order. But Goldman Sachs says that even if OPEC does agree to something in Algeria, such as a production freeze, the move would be “self-defeating.” It should be noted that most oil market watchers see the prospect of a deal in Algeria as slim. Iran has previously insisted that it will not agree to a production “freeze” because it has not yet reached its […]

  • U.S. Gasoline Prices Surprisingly Rise In Late-Summer Week
    Posted by Tsvetana Paraskova on August 23, 2016 at 9:13 pm

    In one of the rare recent increases for a late-summer week, U.S. retail gasoline prices unexpectedly rose in the week to August 22, by US$0.044 to US$ 2.193 per gallon, according to data by the U.S. Energy Information Administration (EIA). Gasoline prices have dropped during this particular week in eight of the past ten years, and last week saw the biggest increase for this week since a US$0.062 rise in 2005. In the previous two August weeks, U.S. average gasoline prices had stood at US$2.150 in the week to August 8 and at US$2.149 in the week […]