Last updateThu, 05 Dec 2019 8pm

U.S. Specialty Chemical Markets Rebounded in August

Reflecting a rebound of manufacturing production, U.S. specialty chemicals market volumes rose 0.2% in August after falling 0.1% in July, rising 0.2% in June and a generally weak early 2019, according to the American Chemistry Council (ACC). All changes in the data are reported on a three-month moving average (3MMA) basis. Of the 28 specialty chemical segments ACC monitors, 18 expanded in August – double the figure for July – seven markets declined and three were flat. Large market volume gains (1.0% and over) occurred only in rubber processing chemicals.

IEA: U.S. Shale Revolution Has Reshaped Energy Landscape

The International Energy Agency (IEA) released its latest in-depth review of U.S. energy policies recently, welcoming U.S. leadership on innovation and highlighting the far-reaching impact of the country’s shale revolution.

The shale boom has transformed the U.S. into the world’s top oil and gas producer and a leading exporter for the fuels. As a result, the U.S. approach to energy policy making has shifted from a mind-set of scarcity to one seeking to maximize the benefits of energy abundance, according to the report. U.S. government policy reflects a strategy to boost energy production, benefit from greater energy exports, be a global leader in energy technologies and keep consumer energy bills in check.

U.S. Chemical Production Fell in July

According to the American Chemistry Council (ACC), the U.S. Chemical Production Regional Index (U.S. CPRI) fell by 0.9% in July following revised declines of 0.8% in June and 0.6% in May. During July, chemical output was lower in all regions, with the largest declines in the Mid-Atlantic, Northeast and West Coast regions.

Chemical production was mixed over the three-month period. There were gains in the production three-month moving average (3MMA) output trend in chlor-alkali and other inorganic chemicals. These gains were offset by declines in the output of pesticides, synthetic rubber, coatings, fertilizers, consumer products, plastic resins, organic chemicals, synthetic dyes & pigments, adhesives, manufactured fibers, and other specialty chemicals.

Saudi Oil Output to Be Restored by End of Month Following Attacks

“The world’s largest crude oil processing facility and the heartbeat of Saudi Arabia’s energy industry was targeted in drone and missile attacks early Saturday morning that knocked out more than half of the OPEC kingpin’s global daily exports,” CNBC reports.

According to the country’s energy minister, 50% of crude production from the attack was restored within days and “production capacity would reach 11 million barrels of crude per day (bpd) by the end of September and 12 million bpd by the end of November.”

U.S. Natural Gas Production Reaches New Record

U.S. natural gas production continued to increase in August, setting a new daily production record of 92.8 billion cubic feet per day (cf/d) on August 19, 2019, according to estimates from IHS Markit. Natural gas production also set a new monthly record in August, averaging more than 91 billion cf/d for the first time. In the latest Short-Term Energy Outlook, released on September 10, 2019, the U.S. Energy Information Administration forecasts dry natural gas production to average 93.4 billion cf/d from September through the end of the year. U.S. natural gas production increased by 7.1 billion cf/d (8%) between August 2018 and August 2019, led by production gains primarily in the northeast.


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