Dow Chemical Co. (DOW) recently agreed to sell its hollow sphere plastic pigment product line to Fairlawn, Ohio-based specialty chemicals maker Omnova Solutions Inc. Hollow plastic pigments are used by the paper and paperboard industry. Dow also plans to close two production units at a Texas as part of its restructuring initiatives. The deal is expected to close in the fourth quarter of 2009.

Volatile crude oil prices have significantly affected the basic chemicals market, forcing the second-largest chemical manufacturer in the world to divest its styrene monomer and ethylbenzene production at Freeport, Texas. This sale will reduce Dow’s exposure to a capital-intensive Basic portfolio. About 60 employees will be affected.

Midland, Michigan-based Dow Chemical aims to shift focus to specialty chemicals that are used in cosmetics and food additives, and work with partners to meet basic chemical needs. After the Rohm & Haas acquisition in the second

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Energy XXI (Bermuda) Limited (EXXI) Gulf Coast, Inc. (the “Company”) today September 4, 2009 announced it has commenced an exchange offer and consent solicitation in respect of its 10% Senior Notes due 2013 (the “Senior Notes”).

The Company has commenced an offer to exchange up to $360 million principal amount outstanding Senior Notes properly tendered (and not validly withdrawn) and accepted by the Company for its newly issued 16% Second Lien Junior Secured Notes due 2014 (the “Second Lien Notes”), subject to proration and reduction to $311 million principal amount of Senior Notes, depending on the aggregate principal amount of Second Lien Notes sold in a concurrent private placement.

About Energy XXI

Energy XXI is a Houston-based independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas reserves in the U.S. Gulf Coast and the Gulf of Mexico. The Company an indirect wholly owned subsidiary of the

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Air Products (APD) acquired a new steam methane reformer (SMR) hydrogen facility from MarkWest Energy Partners L.P. (MWE). The facility, which is under construction, is in Corpus Christi, Texas. The company did not disclose the financial details of the transaction.   This acquisition further reinforces Air Products’ position as a leading hydrogen provider in the U.S. Gulf Coast. The company said that the new facility, which is expected to be operational in March 2010, will produce over 30 million standard cubic feet per day. It will be owned and operated by Air Products.   The companies also signed a separate long-term supply agreement whereby Air Products will provide hydrogen and steam to MarkWest.   Earlier this year, Air Products strengthened its U.S. Gulf Coast hydrogen pipeline network with the successful completion of a pipeline connection across Lake Pontchartrain. The company said that this enhances the supply reliability ...

Keith Fitz-Gerald says investors have the chance to profit from the contango phenomenon in oil markets. The implied higher future oil prices mean an opportunity to buy oil-related ETFs now at a bargain price. For a safer option, Keith picks two oil transportation companies that pay healthy dividends.

This from Money Morning:

Many investors have given up on oil, fearing that a fall from grace precludes a rise in price from the ashes. But it’s worth noting that the oil markets are right now in a rare state of  ’super contango,’ which suggests that the markets expect far higher prices by next year.

Here’s what you need to know.

In case you’re not familiar with the term, ‘contango‘ denotes a normal and very specific condition associated with futures contracts in which the price of oil for distant delivery months from now exceeds the price of oil being traded right now

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Last week’s crude and gasoline inventories dropped more than expected as the effects of Hurricane Gustav resulted in some production disruptions. Gustav, which struck last month, was the fourth-most-destructive storm to hit the United States, causing $20 billion in damages. And then came Hurricane Ike. Ike made landfall in the Galveston area of the U.S. Gulf Coast on in the pre-dawn hours Saturday (the day I was penning this column) as a Category 2 storm with winds hitting 110 miles per hour.  Ike’s path toward Houston makes it the first storm to hit a major U.S. metropolitan area since Hurricane Katrina eviscerated New Orleans in 2005, Bloomberg News reported. We won’t know how much direct damage those high winds from Hurricane Ike will cause for several days at least. From the initial reports, the results appear to be devastating. But the indirect costs are ...

Commodities are getting clocked this morning. The catalyst is that Hurricane Gustav didn't harm the energy infrastructure in the Gulf of Mexico, but really, you have to give credit to a strong, resurgent US dollar.A HUGE pullback in oil today. It started in electronic trading in a week that is known for light trading volume, but you can't argue with this chart.Gold is following oil lower today, even though India, the world's biggest buyer of bullion, increased its August gold imports by 56%. What's the driver, then? The rising dollar! You can’t argue against the bullish action in the dollar.Here is other news you can use ...

ENERGY

Oil falls as global demand concerns re-emerge

SINGAPORE (AP) -- Oil prices fell below $106 a barrel Tuesday in Asia -- $10 below its close Friday before the

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Commodities are getting clocked this morning. The catalyst is that Hurricane Gustav didn't harm the energy infrastructure in the Gulf of Mexico, but really, you have to give credit to a strong, resurgent US dollar.A HUGE pullback in oil today. It started in electronic trading in a week that is known for light trading volume, but you can't argue with this chart.Gold is following oil lower today, even though India, the world's biggest buyer of bullion, increased its August gold imports by 56%. What's the driver, then? The rising dollar! You can’t argue against the bullish action in the dollar.Here is other news you can use ...

ENERGY

Oil falls as global demand concerns re-emerge

SINGAPORE (AP) -- Oil prices fell below $106 a barrel Tuesday in Asia -- $10 below its close Friday before the

...

Gustav gathered force and slammed into Cuba as a Category 4 hurricane Saturday, giving oil bears and stock market bulls cause for concern. Monday's trading should be out-of-control. NEW ORLEANS (Reuters) - Ferocious Hurricane Gustav moved into the oil-rich Gulf of Mexico on Saturday where it was expected to strengthen and threaten New Orleans after its 150 mile per hour (240 kph) winds cut a swath of destruction through western Cuba. The Category 4 ...