European polymer prices were mixed over the week to 4th September, with an increase of 20 EUR per tonne reported in the price of PVC. There was a reduction of 10 EUR per tonne noted in the price of PET. In the UK region of Europe, prices fell across most grades as the Pound gained value against the Euro.
Asian polymers rose with increases of between 10 and 70 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers also rose with increases of between 3 and 6 Cents per pound reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and Polystyrene.
West Texas Intermediate and Brent Crude oil prices fell to $39.42 and $42.32 per barrel respectively, reductions of 8.3% and 7.7%.
Global oil prices slipped on news of reduced U.S. fuel demand and a pessimistic outlook from Russia’s Energy Minister.
U.S. Energy Information Administration (EIA) data showed domestic gasoline demand fell to 8.78 million bpd from 9.16 million bpd a week earlier and refinery utilization rates fell by 5.3% to 76.7% of total capacity.
Russia’s Energy Minister, Alexander Novak, said that they expect global oil demand to decline by 9 to 10 million bpd this year.
The estimate is more pessimistic than that of the IEA, which said in its August report that crude oil demand this year would be 8.1 million bpd lower than it was in 2019.
Speaking at the virtual Global Manufacturing & Industrialisation Summit, Novak also said that the situation on the market is clearer now than it was back in April, and demand has started to recover from the lows in April.
He added, “Still, there are many uncertainties ahead, mostly to do with the impact of the coronavirus pandemic.”