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

European polymer prices continued to fall over the week to 28th June. There were reductions of between 10 and 25 EUR per tonne reported in the prices of Polypropylene, PVC and Polystyrene. In the UK, prices rose against some grades as the Pound lost value against the Euro.

 

Asian polymers were mixed with reductions of 5 and 15 USD per tonne reported in the prices of PET and Polystyrene. There was an increase of 20 USD per tonne noted in the price of LDPE. In China, the price of PVC fell by 10 USD per tonne.

 

U.S. polymers were also mixed with an increase of 12 Cents per pound reported in the price of Polystyrene and a reduction of 4 Cents per pound noted in the price of ABS.

 

West Texas Intermediate oil rose to $81.49 per barrel, an increase of 1.0%. Brent Crude remained relatively unchanged at $85.02 per barrel.

 

Global oil prices remained steady after US inflation data for May boosted the chances the Federal Reserve will start to cut interest rates this year.

 

U.S. oil production rose to a four-month high in April but demand for gasoline fell to 8.83 million bpd, its lowest since February, according to an Energy Information Administration report.

 

Oil demand is now expected to grow by between 0.99 and 1.4 million bpd in 2024, slightly above the 0.96 million bpd forecast by the International Energy Agency.

 

OPEC+ has stated that it will slowly reduce output cuts of 2.2 million bpd over the course of 12 months, beginning in October this year.

 

The U.S. Senate budget committee has launched a probe of domestic oil producers concerning efforts to illegally coordinate oil prices with OPEC.

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