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

European polymer prices continued to rise over the week to 15th September. There were increases of 20 EUR per tonne reported in the prices of HDPE, LDPE and LLDPE. In the UK, prices rose across most grades as the Pound lost value against the Euro.


Asian polymers were mixed with increases of between 10 and 30 USD per tonne reported in the prices of LDPE, PET, Polypropylene and Polystyrene. There were reductions of 5 and 10 USD per tonne noted in the prices of ABS and PVC. In China, the prices of LLDPE and ABS rose by 10 and 20 USD per tonne.


U.S. polymers rose with increases of 4 Cents per pound reported in the prices of HDPE, LDPE and LLDPE.


West Texas Intermediate and Brent Crude oil rose to $91.21 and $94.27 per barrel respectively, increases of 4.6% and 4.2%.


Global oil prices rose for the third consecutive week and hit a 10-month high on the back of Saudi Arabian production cuts and forecasts of increased Chinese demand.


Supply concerns continue as earlier this month Saudi Arabia and Russia announced an extension of their combined supply cuts of 1.3 million barrels per day to the end of this year.


Higher than expected industrial output and retail sales data in China have also lifted prices with the country’s economic conditions considered crucial to oil demand for the rest of this year.


Data showed Chinese oil refinery processing rose by nearly 20% from a year earlier as processors kept run rates high to capitalise on high global demand for oil products.


The number of active, U.S. oil rigs rose by two this week to 515, the highest since April. However, this is still 84 lower than the number of active rigs compared to 12 months ago.


Leave a Reply