Aromatics

Chemicals, Refined Products, Crude Oil, Maritime & Shipping, Aromatics August 21, 2025 Russian CPC oil terminal fully meeting Kazakh needs amid BTC hiatus: executive By Nick Coleman Getting your Trinity Audio player ready... HIGHLIGHTS Ship tracking shows CPC loadings reaching 1.9 million b/d Azeri Light prices recovering after contamination hiatus Turkmen crude shipments through BTC returning Russia's CPC crude loading facilities on the Black Sea are fully able to meet the current needs of Kazakhstan -- the main source for CPC Blend -- pending the current suspension of the alternative BTC route through Azerbaijan, a senior Kazakh industry official said on Aug. 21. Speaking on an investor call, Bulat Zakirov, deputy chair of KazMunayGaz, confirmed Azerbaijan's Baku-Tbilisi-Ceyhan pipeline remains subject to force majeure for producers such as Kazakhstan – an effectively landlocked country that relies on Russia for sending crude to markets, but also uses other routes such as BTC. Azerbaijan and its partners -- principally BP -- announced on July 24 that organic chloride contamination had been found in some oil exports from the port of Ceyhan on Turkey's coast. A number of European buyers received the contaminated crude, which can be potentially highly damaging for refining systems. The source of the problem has yet to be revealed, but loadings at Ceyhan have been getting back to normal with a system of sampling in place to ensure quality, BP said earlier. Prices for Azeri Light have been recovering, with the grade assessed by Platts at a $2/b premium to Dated Brent, on Aug. 21. Meanwhile, despite recent maintenance at the CPC facilities at the Russian Black Sea port of Novorossiisk, Zakirov said the CPC facilities were fully sufficient for Kazakhstan's present needs. Ship tracking data from S&P Global Commodities at Sea shows CPC loadings averaging as much as 1.9 million b/d in the week beginning on Aug. 11. The BTC force majeure "remains in place up to the present time. Due to this, we in this period redirected crude through CPC -- we have enough capacity there," Zakirov said. "We expect a resolution of this situation and the lifting of force majeure, and then we'll examine the resumption" of BTC exports, he added. "Currently the capabilities for loading via CPC are enough for transportation of all volumes produced today in Kazakhstan," he said. Export options Kazakhstan had been increasing its shipments across the Caspian to the BTC system operated by BP prior to the hiatus, partly in response to fears of over-reliance on the giant CPC route, and the risk of disruption stemming from the Russia-Ukraine war – a drone attack on a CPC pumping station disrupted throughput in February. However, Kazakh volumes via BTC have remained relatively low – they were forecast to be around 1.7 million mt this year, or some 35,000 b/d, before the current hiatus. Crude sold as Azeri Light tends to attract higher prices than the Kazakh CPC Blend, reflecting the use of the Azeri grade in manufacturing light oil products such as jet fuel and gasoline, and middle distillates. CAS data indicates trans-Caspian shipments to BTC from Turkmenistan, Kazakhstan's neighbor, already resumed around Aug. 10. Turkmen crude is supplied via BTC on a different commercial and legal basis from Kazakh crude, a source close to the matter told Commodity Insights, explaining this difference in timing. There has been no evidence to suggest the organic chlorides originated in Kazakhstan, and Kazakh officials say such chemicals are not used by their country's oil industry. CPC maintenance On Aug. 18, the Caspian Pipeline Consortium announced loadings at Novorossiisk were restricted to two out of the three offshore loading buoys. One of the buoys -- known as Single Point Mooring system No. 3 -- had been taken offline on Aug. 15 for planned replacement of hoses, with the work expected to last three weeks, the consortium said, implying completion on Sept. 5. However, Kazakh officials have repeatedly said two loadings buoys are sufficient due to spare capacity. CPC Blend was assessed by Platts, part of Commodity Insights, at a 70 cent discount to Dated Brent on Aug. 21. Azertrans, the Azeri company that handles crude arriving at Sangachal for transportation through BTC, did not respond to a request for comment. Products & Solutions Crude Oil Gain a complete view of the crude oil market with leading benchmarks, analytics, and insights to empower your strategies. Learn More Editor: Nick Coleman

Chemicals, Aromatics, Solvents & Intermediates, Olefins July 25, 2025 CHEMICALS H2 2025: Global acrylic monomer, MMA markets struggle to rebound By Maria-eleni Tsimeki, Luke Warren, Baran Serdaroglu, Andre Mikhail, Mainak Moitra, and Samar Niazi Getting your Trinity Audio player ready... HIGHLIGHTS Demand likely to remain weak globally for rest of 2025 Buyers cautious amid economic, trade uncertainties New capacities deepen supply-side pressure The global methyl methacrylate and acrylates markets are set to remain under pressure in the second half of 2025, as persistent weak demand, rising capacities and cautious purchasing behavior continue to pressure margins and limit recovery potential. Weak demand weighs on European MMA, acrylates European MMA players said conditions were unlikely to change during the second half of the year amid ongoing weak demand and oversupply. Some suppliers had hoped prices might stabilize in August, supported by rising raw material and freight costs for China-based producers, which could slow import flows. However, offers from Saudi Arabia and South Korea have remained competitive. Regardless, demand remained the main price driver, with limited hope for any recovery beyond a potential end-of-summer restocking. "Rather than asking whether demand will increase, we are having discussions about whether demand will remain stable as opposed to decrease," a producer said. Any further slump in demand would create additional pressure on European offers and could force producers to cut rates or divert more product into polymethyl methacrylate production. Europe-based players were also closely monitoring Roehm's new MMA plant in Texas, where increasing production rates could reduce European exports into the US and ease Chinese imports into Europe. However, amid weak US demand, sources have suggested US-based sellers could look to increase exports to Europe. European DDP NWE 3-30 days forward prices fell to Eur1,410/mt on July 21, hitting the lowest level since Platts, part of S&P Global Commodity Insights, started assessing the market on April 2, 2024. So far in 2025, the price has seen a consistent downtrend. Downstream European PMMA players expected competitive imports to continue, as China- and South Korea-based producers vie for greater market share, particularly in the extrusion market. Ongoing weak downstream automotive and construction sectors -- stemming from geopolitical challenges -- were expected to breed more "aggressive" PMMA pricing strategies, a trader said. Sources also expected the European acrylic monomer market -- particularly for butyl acrylate, 2-ethylhexyl acrylate and glacial acrylic acid -- to maintain a bearish outlook. Demand was expected to remain subdued for the remainder of the year, largely driven by lower forecasts across key downstream buyers. Second-half 2025 contract negotiations continued, with buyers aiming to either bring down contract prices closer to current spot levels or reduce minimum volume commitments, aiming to leverage persistently low spot prices and steady imports from Asia. While this could boost some spot demand, activity was still starting from a low level. Chinese offers for both BA and 2-EHA were actively heard in the market, and with the arbitrage open, import arrivals were expected in September. Roehm reshapes US MMA The US MMA market was watching the impact of Roehm's rising market share after the startup of its 250,000 mt/year Texas plant, as participants await demand recovery in construction and automotive coatings -- both of which are tied to interest rates and tariff policies. Domestic demand is "better than other regions," a second trader said, although elevated prices have curbed exports. A third trader said domestic coatings demand was not much better, having fallen, and the trader expected this trend to persist for the rest of 2025. US demand has faltered due to macroeconomic weakness, employment uncertainty and tariffs, a fifth source said, adding that high interest rates "won't help as far as getting a loan." "The general consensus is: consumers aren't spending," the fifth source added. Front and forward demand were heard at parity, according to a sixth source, who pointed to lengthening supply and a lack of forward demand since Roehm's new plant began producing consistently. The plant "changes everything," a fourth trader said, adding that Roehm's cost edge via ethylene feedstock and "must be aggressive" to retain market share. Spot DDP USG MMA prices have fallen from year-to-date highs of 111 cents/lb DDP USG on May 14 to 93 cents/lb DDP USG on July 21, according to Platts assessments. Asian MMA, PMMA demand modest Asian MMA and PMMA markets were not expected to see a demand revival in the second half of 2025 after weak consumption and low prices in the first half of the year, sources said. Indian demand remains subdued, particularly from the paints sector, which suffered early in 2025 after buying high-priced cargoes at $1,600-$1,800/mt FOB China. With July prices dropping to the $1,200s/mt range, India-based buyers have largely stepped back, adopting a wait-and-see stance. Southeast Asia-based buyers were also monitoring weak paint demand since Diwali 2024, although some traders were hoping for a pickup ahead of Diwali 2025. Meanwhile, China- and Middle East-based producers continued to offer ample supply. China's new capacity could meet regional and export demand, but with persistent oversupply, some China-based producers may cut operating rates. There were unconfirmed reports of a government push to idle older capacity and concerns around smaller producers, sources said. In China, MMA demand came from PMMA casting sheets, coatings, resins and PVC additives, however, with construction still sluggish, these markets remain oversupplied. Indian BA under pressure India's butyl acrylate market was set to remain under margin pressure in the second half of 2025 amid additional domestic capacity, market sources said. Indian Oil Corp. is expected to start production in July, adding 150,000 mt/year to Bharat Petroleum's existing 130,000 mt/year. With demand near 330,000 mt/year, imports of around 50,000 mt may still be needed if both run at full rates. However, BPCL has been operating at around 70%, and IOCL is likely to start at 50%-60%, leaving room for continued imports in the second half of the year. "Demand hasn't picked up since early 2025 and is expected to stay moderate over the second half of the year," a second producer said, citing weak consumer spending. Most butyl acrylate goes into paints and adhesives for construction. While government policies support infrastructure, sources said prices were unlikely to rise without stronger consumer demand. Instead, added capacity may ease costs and boost exports, which had slowed after import restrictions in late 2023. Products & Solutions Crude Oil Gain a complete view of the crude oil market with leading benchmarks, analytics, and insights to empower your strategies. Learn More Editor: Marieke Alsguth

Webinar From Pilot to Scale - Overcoming the Barriers to Commercial CCUS Deployment Online Event starts in Days Hours Minutes Register Now Register Now Summary As global climate targets become more urgent, the CCUS industry faces a pivotal challenge: how to move from pilot projects and isolated deployments to full-scale, commercially viable CCUS networks. Despite clear momentum, critical roadblocks—ranging from financing models and infrastructure limitations to policy uncertainty and public perception—continue to slow the pace of deployment. This webinar brings together key voices from across the CCUS value chain to tackle one central question: What will it really take to scale CCUS over the next 5–10 years? Whether you're involved in technology development, project delivery, policy, investment, or emissions-heavy industry, this is your opportunity to engage with the most pressing issue shaping the future of CCUS. Key Topics to Be Covered: The current state of play: Where is CCUS working, and why? Financing full-chain CCUS: Who’s paying and how? Infrastructure gaps and opportunities (transport networks, storage readiness) Regulatory frameworks: What’s helping—and what’s holding us back? Bridging the talent and skills gap in CCUS Public and community engagement: Building social license to operate Lessons from early movers: Insights from large-scale project deployments Speakers: Erik Rakhou, Founder and Managing Director, Rakhou Associates Floris Mackor, Vice President Strategy for CCS and Ammonia, Air Liquide Kelly Ripley, General Manager CCUS, Shell Pia Malene Andersen, Advisor, Norwegian Ministry of Energy Dr. Katerina Sardi, Managing Director and Greece Country Manager, Energean Laughlan Waterston, Managing Director, Head of Energy Finance, EMEA Global Structured Finance, SMBC This webinar serves as a prelude to World Hydrogen Week (6-10 October in Copenhagen), where over 3,500 senior hydrogen executives from across the globe will address key challenges and opportunities in building the hydrogen economy. This year’s event will also debut the CCUS Summit (7 October), expanding the conversation beyond blue hydrogen to explore the opportunities that Carbon Capture, Utilisation, and Storage offers across hard-to-abate sectors in reducing emissions and lowering carbon footprints. Find out more about World Hydrogen Week Questions? Please contact us if you need more information or have trouble accessing the webinar. whlmarketing@spglobal.com