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

European polymer prices were mixed over the week to 17th March. There were reductions of 10 and 80 EUR per tonne reported in the prices of ABS and Polystyrene. There was an increase of 10 EUR per tonne noted in the price of LLDPE. In the UK, prices fell across most grades as the Pound gained value against the Euro.


Asian polymers fell with reductions of between 5 and 40 USD per tonne reported in the prices of Polypropylene, PVC and Polystyrene. In China, the prices of LDPE, LLDPE and ABS fell by between 5 and 10 USD per tonne.


U.S. polymers were unchanged apart from a 2 Cent per pound increase reported in the price of PVC.


West Texas Intermediate and Brent Crude oil fell to $66.38 and $72.47 per barrel respectively, reductions of 13.4% and 12.3%.


Global oil prices fell to their lowest levels in more than a year on concerns that a crisis of confidence in the banking sector could trigger a recession and cut demand.


Prices briefly stabilised after Swiss regulators pledged a liquidity lifeline to Credit Suisse, which had earlier seen shares fall as much as 30%.


Saudi state media reported that the country’s energy minister, Prince Abdulaziz bin Salman and Russian deputy prime minister, Alexander Novak met in the Saudi capital to discuss the OPEC+ group’s efforts to maintain market balance.


Both countries remain committed to OPEC+’s decision last October to cut production targets by two million barrels per day until the end of 2023, the reports stated.


Both OPEC and the International Energy Agency this week forecast stronger oil demand, but oversupply concerns continue to weigh on the market.


The IEA said commercial oil stocks in developed OECD countries had hit an 18-month high while Russian oil output in February remained near levels registered before the war in Ukraine, despite sanctions on its seaborne exports.

Leave a Reply