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

European polymer prices rose over the week to 17th July, with increases of between 10 and 20 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and ABS.

 

Asian polymers also rose, with increases of between 10 and 40 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC and Polystyrene. In China, there was a reduction of 10 USD per tonne noted in the price of ABS.

 

U.S. polymer prices were unchanged.

 

West Texas Intermediate and Brent Crude oil prices remained relatively unchanged at $40.59 and $43.14 per barrel respectively.

 

Oil prices were static this week despite concerns about the surge in coronavirus cases reducing fuel demand while many major crude-producing nations prepare for output increases.

 

The United States reported at least 75,000 new coronavirus cases on Thursday, a daily record. Spain and Australia reported their steepest daily jumps in more than two months and cases continued to soar in India and Brazil.

 

Prices were supported by a sharp drop in U.S. crude stocks, but gains were limited as OPEC and its allies are set to ease supply restrictions from August in anticipation of the global economy gradually recovering from the pandemic.

 

The Energy Information Administration showed U.S. crude stocks fell by 7.5 million barrels, compared with analysts’ expectations for a reduction of 2.1 million barrels.

 

OPEC+ has agreed to reduce the existing supply cuts of 9.7 million bpd by 2 million bpd, starting in August.

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