European polymer prices rose over the two weeks to 8th January with increases of between 10 and 50 EUR per tonne reported in the prices of PET, Polypropylene, PVC, ABS and Polystyrene. In the UK region of Europe, prices fell across some grades as the pound gained value against the Euro.
Asian polymers fell with reductions of between 10 and 150 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene.
U.S. polymers rose with increases of between 1 and 7 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, PET and Polystyrene. There was a 3 Cent per pound reduction noted in the price of ABS.
West Texas Intermediate and Brent Crude oil prices rose to $52.61 and $56.25 per barrel respectively, increases of 8.9% and 9.7%.
Global oil prices rose sharply, hitting 11-month highs as markets remained focused on Saudi Arabia’s pledge to deepen its oil cuts and shrugged off the political turmoil in the United States.
Oil prices have been supported by the pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million bpd in February and March.
In the United States, U.S. crude stocks fell by 1.7 million barrels in the week to 1st. January to 491.3 million barrels, data from the American Petroleum Institute confirmed.
However, tensions continue over OPEC member Iran’s seizure of a South Korean vessel. Iran has denied that it was using the ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions.