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

European polymer prices continued to fall over the week to 14th June. There were reductions of between 5 and 35 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PVC, ABS and Polystyrene.

 

Asian polymers were mixed with increases of between 5 and 30 USD per tonne reported in the prices of LDPE, Polypropylene and Polystyrene. There was a reduction of 5 USD per tonne noted in the price of ABS. In China, the price of Polypropylene was unchanged.

 

U.S. polymers were also mixed with an increase of 3 Cents per pound reported in the price of PET and a reduction of 6 Cents per pound noted in the price of ABS.

 

West Texas Intermediate and Brent Crude oil rose to $78.74 and $82.89 per barrel respectively, increases of 4.4% and 4.3%.

 

Global oil prices rose to their highest level in over four months on the back of optimistic projections for fuel demand.

 

OPEC stuck to a forecast for relatively strong growth in oil consumption in 2024 while Goldman Sachs projected solid U.S. fuel demand this summer.

 

Also, Russia has pledged to meet its output obligations under the pact among the OPEC+ group of producers after saying it exceeded its quota in May.

 

However, prices levelled after the U.S. Federal Reserve kept interest rates on hold, with the start of rate cuts unlikely before December.

 

In its latest report, the International Energy Agency expects oil demand to peak by 2029, levelling off around 106 million bpd towards the end of the decade.

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