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

European polymer prices were relatively unchanged over the two weeks to 7th January. There was an increase of 20 EUR per tonne reported in the price of ABS. In the UK, prices fell across all grades as the Pound gained value against the Euro.

 

Asian polymers were mixed with increases of between 10 and 25 USD per tonne reported in the prices of LLDPE, PET and Polypropylene. There was a reduction of 95 USD per tonne noted in the price of ABS. In China, the prices of LDPE, LLDPE and Polypropylene fell by 10 USD per tonne.

 

U.S. polymers remained static apart from a 1 Cent per pound increase reported in the price of ABS.

 

West Texas Intermediate and Brent Crude oil rose to $79.00 and $81.93 per barrel respectively, increases of 8.5% and 8.0%.

 

Global oil prices continued to rise on supply concerns from the unrest in Kazakhstan and outages in Libya.

 

In Kazakhstan’s main city, Almaty, security forces appeared to be in control of the streets and the president said constitutional order had mostly been restored, a day after Russia sent troops to put down an uprising.

 

The protests began in Kazakhstan’s, oil-rich, western regions after state price caps on butane and propane were removed on New Year’s Day. Chevron confirmed its production within the region had been affected.

 

Output in Libya has dropped to 729,000 bpd from a high of 1.3 million bpd last year, partly due to pipeline maintenance work.

 

Supply increases from OPEC, Russia and allies, OPEC+ are not keeping up with demand growth and they have agreed to stick to the planned increase of 400,000 bpd in February.

 

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