European polymer prices continued to rise over the week to 22nd May. There were increases of between 10 and 40 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, PVC, ABS and Polystyrene.
Asian polymers fell with reductions of between 20 and 40 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC and Polystyrene. In China, the price of ABS rose by 20 USD per tonne. The price of Polystyrene was unchanged.
U.S. polymers also fell with reductions of 1 and 2 Cents per pound reported in the prices of PVC and Polypropylene.
West Texas Intermediate and Brent Crude fell to $96.60 and $103.54 per barrel respectively, reductions of 8.4% and 5.2%.
Global oil prices slipped back despite concerns that the U.S. and Iran are currently unable to reach a peace agreement that would allow shipping traffic to return to normal in the Strait of Hormuz.
A senior Iranian source was reported as saying that gaps with the U.S. have narrowed, and U.S. Secretary of State, Marco Rubio spoke of “some good signs” in talks.
However, the countries remained divided on Tehran’s uranium stockpile and controls on shipping through the Strait of Hormuz.
OPEC+ is likely to agree a slight output increase in July when they meet on 7th June although crude delivery remains disrupted by the war.
The head of the Abu Dhabi National Oil Company commented that oil flows through the strait will not return before the first or second quarter of 2027, even if the conflict ends now.