European polymer prices continued to fall over the week to 19th June. There were reductions of between 10 and 50 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC and ABS.
Asian polymers also fell with reductions of between 10 and 70 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers were mixed with reductions of between 1 and 7 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, PET and ABS. There was an increase of 1 Cent per pound noted in the price of Polypropylene.
West Texas Intermediate and Brent Crude fell to $76.54 and $80.57 per barrel respectively, reductions of 9.8% and 7.7%.
Global oil prices fell sharply after Israel and Hezbollah agreed on a ceasefire in Lebanon but Iran set conditions for using the vital Strait of Hormuz.
The ceasefire began on Friday afternoon and four tankers carrying crude oil products and liquefied petroleum gas entered the Strait, heading for Iraqi Gulf ports.
Iranian state TV reported that vessels must coordinate transit with the Revolutionary Guards navy. Iran’s Persian Gulf Strait Authority said, “no vessel is permitted to pass through the Strait of Hormuz without a valid passage permit.”
Analysts expect that more than 85 million barrels of oil stranded in the Middle East Gulf will now be released into global markets. The agreement also includes the lifting of U.S. sanctions on Iranian oil, which will bring additional supply.