European polymer prices fell over the week to 5th June. There were reductions of between 10 and 25 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and PVC. In the UK, prices fell across all grades as the Pound gained value against the Euro.
Asian polymers fell with reductions of between 5 and 55 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers also fell with reductions of 2 and 3 Cents per pound reported in the prices of Polystyrene and ABS.
West Texas Intermediate and Brent Crude rose to $90.54 and $93.09 per barrel respectively, increases of 3.6% and 2.2%.
Global oil prices picked up again as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive and crude stock continue to decline.
Industry insiders and analysts are warning there could be another oil price shock in the coming weeks, severe enough to upset the broader financial markets.
However, polymer prices are beginning to fall as some Middle Eastern product is being sent by road for shipping from Oman and bypassing the Strait of Hormuz.
President, Donald Trump has said a deal to reopen the Strait is imminent, but progress has been slow, and warnings from the oil industry have become firmer.
U.S. crude stocks have reduced by almost 64 million barrels since the start of the war and have fallen for eight straight weeks.