European polymer prices rose over the week to 31st July, with increases of between 10 and 30 EUR per tonne reported in the prices of HDPE, LDPE and PET. In the UK region of Europe, prices rose across all grades as the Pound lost value against the Euro.
Asian polymers were mixed with reductions of between 20 and 50 USD per tonne reported in the prices of HDPE, LDPE, LLDPE and Polypropylene. There were increases of 5 and 10 USD per tonne noted in the prices of Polystyrene and ABS. In China, the price of Polypropylene rose by 5 USD per tonne.
U.S. polymer prices rose with increases of between 5 and 8 Cents per pound reported in the prices of HDPE, LDPE and LLDPE.
West Texas Intermediate and Brent Crude oil prices fell to $40.27 and $43.30 per barrel respectively, reductions of 2.5% and 0.2%.
Global oil prices slipped back slightly after OPEC+ announced plans to increase production, adding around 1.5 million bpd to global supply, after slashing output in the wake of the coronavirus pandemic.
U.S. crude oil production has plummeted, falling a record 2 million barrels per day in May, to 10 million bpd, according to data from the U.S. Energy Information Administration.
Globally, the economic outlook has dimmed again, with increasing coronavirus infections raising the risk of renewed lockdowns and threatening any recovery.
U.S. gross domestic product fell by 32.9% at an annualised rate, the deepest decline in output since records began in 1947. Germany also posted a record decline in output, contracting by 10.1% in the second quarter this year.