Energy

FREE SAMPLE REPORT - DATE: September 3rd 2017 

Trend Matrix


Harvey Impacts Ethylene, Naphtha and Polymers, Crude Oil and Gas Steady

Petrochemical facilities, ports  and railroads networks were more or less seriously affected by Hurricane Harvey.  Surveillance procedures are being conducted to determine when all of them will be able to be in operation again.

At the same time  Gulf Offshore platforms are still  under technical scrutiny to determine when they are able to resume regular operations.

Several important in-land   crackers are out of duty, and that situation is putting price pressure on intermediate chemicals and polymers. Ethylene production was cut by 40% because of Harvey.

As a result, ethylene future prices jumped over the powerful 450 EMA and the 200 EMA as well, as you can observe at  the corresponding MBEc1 future contract daily chart. Ethylene is now challenging the 30 cts/pound  resistance level, with a more or less  easy path until the 37-38 cts/pound area. 

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But something very important to be highlighted: the MBEc1 Ethylene daily chart is showing a first BUY alert on August 22, well in advance of Harvey, confirming the strength of the previously started reversal + later up move.

The UNc1 Naphtha is also showing a strong up-move right into the 480-485 US$  supply area.

Meanwhile, polymers are also showing some bullish reaction but not so much. HDPE future prices are more or less unchanged at 0.43875 US$/pound and  LLDPE jumped from 0.48 to 0.51 US$/pound.

Finally, crude oil and natural gas futures prices are still showing the previous weeks sideways behavior without any kind of strong up movements for now.

The US Dollar, tracked by the future DXc1 dollar index, is still into the 92.5 support area, at least until the real Hurricane Harvey economic impact will be assessed.

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FREE SAMPLE
CLc1 SEPT 1 2017
CLc1 SEPT 1 2017
NGc1 SEPT 1 2017
NGc1 SEPT 1 2017
UNc1 SEPT 1 2017
UNc1 SEPT 1 2017
MBEc1 SEPT 1 2017
MBEc1 SEPT 1 2017
HDPE SEPT 1 2017
HDPE SEPT 1 2017
DXc1 SEPT 1 2017
DXc1 SEPT 1 2017
OVX SEPT 1 2017
OVX SEPT 1 2017
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Alerts are provided by e-globalTrading and charts and data are provided by MetaStock powered by EIKON-Thompson Reuters

Ethylene future contract MBEc1 heading lower into the 18-19 cts/pound support area. The instrument closed at 0.21125 cts/ pound , June 29th 2017 - Daily time frame