European polymer prices rose over the week to 12th April. There were increases of 20 EUR per tonne reported in the prices of Polypropylene and Polystyrene. In the UK, prices fell across some grades as the Pound gained value against the Euro.
Asian polymers also rose with increases of 15 and 25 USD per tonne reported in the prices of ABS and Polystyrene. In China, the price of Polypropylene rose by 10 USD per tonne.
U.S. polymers were mixed with an increase of 1 Cent per pound reported in the price of ABS and a reduction of 3 Cents per pound noted in the price of PVC.
West Texas Intermediate and Brent Crude oil fell to $85.46 and $90.15 per barrel respectively, reductions of 1.5% and 0.8%.
Global oil prices slipped back slightly despite heightened tensions in the Middle East raising the risk of supply disruptions from the oil-producing region.
Concerns that Iran might retaliate for an attack by suspected Israeli warplanes on Iran’s embassy in Damascus has maintained oil near a six-month high despite rising U.S. stocks.
However, the International Energy Agency has cut its 2024 forecast for world oil demand growth to 1.2 million bpd. OPEC’s growth forecast is more optimistic at 2.2 million bpd.
Continuing U.S. inflation has dampened hopes for an interest rate cut and the Federal Reserve has indicated that there is no rush to cut interest rates in the short term.
Investors who had expected a rate cut in June now see September as more likely.