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

European polymer prices rose over the week to 1st March. There were increases of between 20 and 50 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE and ABS. In the UK, prices fell against most grades as the Pound gained value against the Euro.

 

Asian polymers also rose with increases of between 5 and 40 USD per tonne reported in the prices of HDPE, PET, PVC, ABS and Polystyrene. In China, the prices of Polypropylene and PVC rose by 5 USD per tonne and the price of HDPE fell by 15 USD per tonne.

 

U.S. polymers were unchanged apart from a 2 Cents per pound increase noted in the price of Polystyrene.

 

West Texas Intermediate and Brent Crude oil rose to $79.89 and $83.46 per barrel respectively, increases of 4.3% and 2.3%.

 

Global oil prices bounced back on expectation that OPEC+ is going to continue with its voluntary production cuts well into the second quarter of 2024.

 

A decision on extending the cuts is expected towards the end of next week.

 

However, a survey revealed that OPEC pumped 26.42 million bpd in February, up 90,000 bpd from January.

 

Continuing geopolitical tensions in the Red Sea supported prices and the leader of Yemen’s Houthis said the group would introduce military “surprises” in the region.

 

The number of active U.S. oil and natural gas rigs rose by three to 506 this week, the highest since September.

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