European and Asian polymers fall, US static. WTI and Brent Crude rise

European polymer prices fell over the week to 19th May. There were reductions of between 15 and 60 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and PVC. In the UK, prices fell across most grades as the Pound gained value against the Euro.


Asian polymers also fell with reductions of between 10 and 65 USD per tonne reported in the prices of HDPE, LDPE, PET, Polypropylene, PVC, ABS and Polystyrene. In China, the price of LLDPE fell by 10 USD per tonne.


U.S. polymers were unchanged apart from a 2 Cents per pound reduction reported in the price of PVC.


West Texas Intermediate and Brent Crude oil rose to $71.85 and $75.59 per barrel respectively, increases of 2.5% and 1.9%.


Global oil prices recovered slightly this week on the back of a forecast of higher demand from the International Energy Agency and despite weaker than expected economic data from China and the United States.


The IEA raised its forecast for global oil demand by 200,000 bpd to 102 million bpd, noting that China’s recovery after the lifting of COVID-19 restrictions had surpassed forecasts with demand reaching a record 16 million bpd in March.


The world’s largest oil importer is set to account for nearly 60% of global demand growth in 2023.


Russian oil exports rose in April to 8.3 million bpd, the highest since Moscow’s invasion of Ukraine, with revenue up by $1.7 billion on the month to $15 billion, according to the IEA.


However, the U.S. led price caps on Russian crude are estimated to have reduced revenue by almost two-thirds compared to last year.

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