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

European polymer prices continued to fall over the week to 5th July. There were reductions of 40 and 105 EUR per tonne reported in the prices of ABS and Polystyrene.

 

Asian polymers were mixed with increases of between 5 and 30 USD per tonne reported in the prices of LLDPE, PET, ABS and Polystyrene. There was a reduction of 5 USD per tonne noted in the price of Polypropylene. In China, the price of PVC fell by 15 USD per tonne.

 

U.S. polymers fell with reductions of 1 and 2 Cents per pound reported in the prices of Polystyrene and ABS.

 

West Texas Intermediate and Brent Crude oil rose to $83.37 and $86.86 per barrel respectively, increases of 2.7% and 2.2%.

 

Global oil prices hit their highest level since April after data showed an unexpected reduction in U.S. crude stocks.

 

The U.S. Energy Information Administration reported a 12.2 million barrel reduction while analysts had predicted a draw of just 680,000 barrels.

 

However, German industrial orders fell unexpectedly in May, adding to concerns that Europe’s largest economy might not meet its moderate forecast growth of 1.2%.

 

Saudi Arabia’s Aramco cut the price for flagship Arab light crude to Asia in August to $1.80 a barrel above the Oman/Dubai average.

 

This move highlights the pressure faced by OPEC producers as non-OPEC supply continues to grow while the global economy remains sluggish.

 

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