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

European polymer prices were mixed over the week to 24th December. There were reductions of between 10 and 20 EUR per tonne reported in the prices of LDPE, LLDPE and Polypropylene. There were increases of 20 and 22 EUR per tonne noted in the prices of  Polystyrene and PET. In the UK, prices fell across most grades as the Pound gained value against the Euro.

 

Asian polymers fell with reductions of between 10 and 85 USD per tonne reported in the prices of HDPE, LDPE, Polypropylene, PVC, ABS and Polystyrene. There was an increase of 30 USD per tonne noted in the price of PET. In China, the prices of LLDPE and PET fell by 10 and 20 USD per tonne.

 

U.S. polymers also fell with reductions of 3 and 14 Cents per pound reported in the prices of ABS and Polypropylene.

 

West Texas Intermediate and Brent Crude oil rose to $72.80 and $75.86 per barrel respectively, increases of 3.7% and 4.1%.

 

Global oil prices bounced back this week on signs that the worst effects of the Omicron variant might be more containable than previously feared, even as countries imposed travel restrictions on surging infection levels.

 

Data suggests that although the Omicron variant is more transmissible than previous coronavirus variants, it causes a milder level of illness.

 

However, some governments are imposing tighter travel restrictions to slow the spread of the variant which could hit oil demand.

 

The Chinese city of Xian has ordered its 13 million residents to stay at home, while Scotland imposed gathering limits from 26th December and Spain is reintroducing the compulsory wearing of masks outdoors.

 

Adding pressure to oil prices, the number of active, U.S. oil and gas rigs rose to the highest level since April last year to 586.

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