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

European polymer prices rose over the week to 12th November. There were increases of between 30 and 200 EUR per tonne reported in the prices of LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene. In the UK, prices rose across all grades as the Pound lost value against the Euro.

 

Asian polymers fell with reductions of between 10 and 70 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene and ABS.

 

U.S. polymers also fell with reductions of 6 Cents per pound reported in the prices of HDPE, LDPE and LLDPE. The price of ABS rose by 1 Cent per pound.

 

West Texas Intermediate and Brent Crude oil fell to $80.68 and $81.95 per barrel respectively, reductions of 0.8% and 0.9%.

 

Global oil prices continued to slip after U.S. President, Joe Biden, said his administration was looking for ways to reduce energy costs to help combat a surge in inflation. Data showed that U.S. prices were rising at 6.2%, their fastest rate in three decades.

 

In addition, U.S. crude stocks rose by 1 million barrels though this was less than the predicted rise of 2.1 million barrels.

 

Prices have been supported by OPEC and allies, OPEC+, maintaining its planned, steady increase in output despite calls from the U.S. to ramp up production.

 

The group cut its output in 2020 by more than 10 million bpd and has been increasing supply at a rate of 400,000 bpd per month.

 

U.S. output has reached 11.5 million bpd which is still short of the near-13 million bpd reached in late 2019.

 

It is predicted that the current high prices will allow the U.S. shale oil industry to add a further 1 million bpd into the global market.

 

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