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Global Chemicals Quick Review
The European base oil market landscape is changing
Recently, at the ICIS and European Grease Association (ELGI) Industrial Lubricants Conference in Amsterdam, the Netherlands, Sarah Stringer of Axis said that the European base oil market landscape is changing
.
In the remaining months of the year, the supply and demand for different types of base oil products in Europe will show different trends
.
The Group I base oil market still has the ripple effect of the rationalization of the market in previous years, while the supply of Group II base stocks will tend to be tight
in the context of wider adoption.
Sarah Stringer expects the market to continue to shift from Group I base stocks to high-performance Group II and III base oils, and the inevitable closure of Group I base oil production capacity will lead to tight supply of some base oils, especially bright oils
.
Low water levels on the Rhine affect the European chemicals market
Low water levels on the Rhine and other waterways in Europe's chemical freight waterway are starting to cause serious logistical headaches in the market, and with hot, dry summers in northwest Europe still ongoing, the problem shows no signs
of abating.
Water levels in some sections of the Rhine are already below 1 meter, which limits the loading capacity of barges, leading to higher freight rates for chemicals and delays
in deliveries.
Market sources said that if the water level in European waterways returns to normal in the coming weeks, it will not have much impact
on the European chemical market.
However, according to meteorological monitoring, there will still be no rain in Germany this month, and the water level of the Rhine may continue to fall
.
A German isopropyl alcohol (IPA) producer said it was facing serious logistical problems due to a significant reduction in water freight volumes, and if the situation deteriorated further, it would be difficult to ensure that raw materials
were supplied to contract customers on time and in the right quantity.
The global oil industry is recovering
Executives in the global oil industry say oil producers are ordering more production equipment and are preparing to put in more rigs for oil and gas extraction and exploration
later this year.
These signs indicate that the international oil industry is heating up
.
The CEOs of Schlumberger and Baker Hughes said they are moving forward with large oil and gas projects and are even preparing to add exploration projects
.
Schlumberger CEO Paal Kibsgaard told analysts at the company's earnings conference: "The international oil industry recovery has finally begun, and the number of drill projects in reserve is the largest we have ever seen
.
Lorenzo Simonelli, CEO of Baker Hughes, said higher commodity prices have created a good environment for reinvesting in oil production and exploration, oil companies are starting to strengthen their oil and gas production and exploration plans for next year, and more news will come out
on spending growth and project progress.
LANXESS plans to upgrade and expand the capacity of its North American plant
In an interview with ICIS, German LANXESS CEO Matthias Zachert said that in the next five years, the company plans to invest about 500 million euros in North America to upgrade the process technology of the production plant and expand the capacity
of the existing plant.
He also said that the company is conducting specific analysis and will announce specific upgrade and expansion plans
in the next 12~18 months.
