European polymer prices rose over the week to 14th January. There were increases of 22 and 50 EUR per tonne reported in the prices of PET and ABS. In the UK, prices fell slightly across some grades as the Pound gained value against the Euro.
Asian polymers also rose with increases of between 10 and 30 USD per tonne reported in the prices of LDPE, LLDPE, PET and Polypropylene. There was a reduction of 10 USD per tonne noted in the price of HDPE. In China, the prices of LDPE, LLDPE and Polypropylene were unchanged.
U.S. polymers fell with reductions of between 1 and 24 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and ABS.
West Texas Intermediate and Brent Crude oil rose to $84.09 and $86.47 per barrel respectively, increases of 6.4% and 5.5%.
Global oil prices rose for the fourth consecutive week boosted by supply constraints and concerns of a Russian attack on neighbouring Ukraine. This was despite reports that China is set to release crude reserves around the Lunar New Year.
Several banks have forecast oil prices of $100 per barrel this year, with demand expected to outstrip supply.
Libya’s National Oil Corporation Chairman, Mustafa Sanallah, said oil prices were “expected to continue to rise unless the market fundamentals change and global investment increases.” He also stated that oil output from the country currently totals over 1 million bpd.
Issues remain unresolved in talks between Iran and the United States on reviving the 2015 Iran nuclear deal but, if the U.S. lifts sanctions on Iran, the country could boost oil exports.
The number of active U.S. oil rigs rose by 11 to 492 this week, the highest since April 2020.