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

European polymer prices continued to rise over the week to 22nd March. There were increases of between 5 and 100 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene.

 

Asian polymers rose with increases of between 5 and 10 USD per tonne reported in the prices of PVC, ABS and Polystyrene. In China, the price of Polypropylene rose by 15 USD per tonne and the price of LLDPE fell by 5 USD per tonne.

 

U.S. polymers also rose with increases of 1 and 2 Cents per pound reported in the prices of ABS and Polystyrene.

 

West Texas Intermediate and Brent Crude oil remained relatively unchanged at $80.82 and $85.56 per barrel respectively.

 

Global oil prices remained static as weaker U.S. gasoline demand was balanced by news that OPEC+ is expected to extend production cuts through the middle of this year and beyond.

 

Although gasoline stocks fell for a seventh week, down by 3.3 million barrels to 230.8 million, the volume of gasoline supplied, slipped below 9 million barrels.

 

Prices were supported by continuing Ukrainian attacks on Russian refineries which are estimated to have shut down 7%, or around 370,500 barrels per day, of Russian refining capacity.

 

President Vladimir Putin said Russia’s economy, which grew 3.6% last year, has thrived despite the sanctions, and that Russia, the world’s second largest oil exporter, has many buyers for its oil.

 

According to OPEC, Russia has more than 5% of the world’s proven oil reserves and about of quarter of the world’s proven natural gas reserves while OPEC, led by Saudi Arabia, controls about 80% of the world’s oil reserves.

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