European polymer prices continued to rise over the week to 3rd April. There were increases of between 15 and 50 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PVC and Polystyrene.
Asian polymers rose with increases of between 15 and 120 USD per tonne reported in the prices of Polypropylene, ABS and Polystyrene. In China, there were increases of between 10 and 100 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, ABS and Polystyrene.
U.S. polymers also rose with increases of between 1 and 3 Cents per pound reported in the prices of LDPE, PET, Polypropylene and Polystyrene.
West Texas Intermediate rose to $111.54 per barrel, an increase of 11.9%. Brent Crude fell to $109.03 per barrel, a reduction of 3.2%.
The WTI Crude oil price has surged above Brent Crude as traders try to secure immediate, deliverable oil stocks. With rising uncertainty around global shipping routes, WTI has effectively gained a “security premium,” narrowing and now reversing its usual discount to Brent.
Polymer prices continued to rise sharply in Asia where manufacturing relies on a higher proportion of Middle East supply. Prices in Europe and the US rose, but at a lower rate.
US President, Donald Trump said military operations would be intensified, but did not specify a timeline for ending hostilities. He gave no details on any steps that could lead to a reopening of the Strait of Hormuz.
Iran has effectively shut down the narrow waterway through which a fifth of global oil and liquefied natural gas is shipped, in retaliation for U.S.-Israeli strikes that began on 28th February.
Iranian state news agency IRNA, reported that Iran and Oman are drafting a protocol to “monitor transit” through the Strait of Hormuz.
Tanker traffic through the key oil-shipping route “should be supervised and coordinated” with the two countries, said Kazem Gharibabadi, Iran’s deputy foreign minister of legal and international affairs.