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

European polymer prices were mixed over the week to 29th July. There were reductions of between 10 and 80 EUR per tonne reported in the prices of HDPE, LDPE, PVC and ABS. There were increases of 30 and 80 EUR per tonne noted in the prices of PET and Polystyrene.

 

Asian polymers fell with reductions of between 10 and 80 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene.

 

U.S. polymers were mixed with reductions of between 3 and 4 Cents per pound reported in the prices of HDPE, LDPE, LLDPE and Polypropylene. There was an increase of 17 Cents per pound noted in the price of ABS.

 

West Texas Intermediate and Brent Crude oil rose to $98.12 and $104.00 per barrel respectively, increases of 2.5% and 0.2%.

 

Global oil prices lifted slightly as expectations that OPEC+ will boost output faded. The producer group are expected to keep supplies unchanged for September though they say a modest increase will be discussed at their meeting this week.

 

A decision not to raise output would disappoint the United States after President, Joe Biden, visited Saudi Arabia this month hoping for a deal to significantly increase oil production.

 

However, some analysts have commented that it would be difficult for OPEC+ to boost supply as many producers are struggling to meet current production quotas.

 

The number of active U.S. oil and gas rigs rose for a record 23 months in a row, indicating more supply will be on the market soon.

 

The G7, the United States, Canada, Japan, Germany, France, Italy and Britain, said it aims to have a price-capping mechanism on Russian oil exports in place by 5th December to limit the oil revenue that Moscow uses to finance its invasion of Ukraine.

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