European polymer prices were largely unchanged over the week to 16th October. There was an increase of 20 EUR per tonne reported in the price of ABS. In the UK, prices fell across most grades as the Pound gained value against the Euro.
Asian polymers rose with increases of between 20 and 50 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene and ABS. In China, the prices of Polystyrene and Polypropylene rose by 5 and 110 USD per tonne.
U.S. polymers also rose with increases of 2 Cents per pound reported in the prices of HDPE, LDPE and LLDPE.
West Texas Intermediate and Brent Crude rose to $101.41 and $109.86 per barrel respectively, increases of 10.4% and 4.9%.
Global oil prices hit their highest level since May on concerns that escalating tensions in the Middle East could further tighten supplies and promised Russian diesel will not be sufficient to meet demand.
A Saudi-led coalition said it intercepted and destroyed a ballistic missile launched towards the Red Sea city of Yanbu. The port is critical for Saudi Arabia’s efforts to bypass the Strait of Hormuz and keep oil flowing to international markets.
US President, Donald Trump announced that Russia would immediately supply more than 300,000 tonnes of diesel to the U.S. and international markets, followed by 500,000 tons in November.
However, Ukraine struck a Russian oil refinery on Thursday after President, Volodymyr Zelenskiy declared that Kyiv was abandoning a ceasefire covering energy sites announced by Trump and criticized his willingness to strike deals with Moscow.