European polymer prices continued to fall over the week to 3rd July. There were reductions of between 20 and 50 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC and Polystyrene.
Asian polymers were mixed with reductions of between 5 and 50 USD per tonne reported in the prices of HDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene. There was an increase of 30 USD per tonne noted in the price of LDPE.
U.S. polymers fell with reductions of between 1 and 2 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, PET and ABS.
West Texas Intermediate and Brent Crude remained relatively unchanged at $68.78 and $72.12 per barrel respectively.
Global oil prices were steady as traders hopes for a full reopening of the Strait of Hormuz are being supported by ongoing peace talks between the U.S. and Iran.
Some shipping has resumed through the Strait, as called for under the initial U.S.-Iranian deal, but uncertainty is high after the two countries exchanged strikes last weekend following an Iranian attack on a cargo ship.
Earlier in the week the two oil benchmarks hit their lowest levels since before the U.S.-Israeli war with Iran began in late February.
OPEC output in June rose by 3.3 million bpd month-on-month and Kuwait’s oil production rose sharply to 1.65 million bpd in June, from 580,000 bpd in May.
At least five tankers carrying a total of 10 million barrels of Saudi oil have left the Strait and Saudi Aramco has switched from longer-term contracts to spot pricing.