European polymer prices rose over the week to 23rd February. There were increases of between 30 and 65 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene and ABS. In the UK, prices rose against most grades as the Pound lost value against the Euro.
Asian polymers were mixed with increases of between 10 and 20 USD per tonne reported in the prices of LDPE, Polypropylene, PVC, ABS and Polystyrene. There was a reduction of 10 USD per tonne noted in the price of PET.
U.S. polymers were also mixed with an increase of 9 Cents per pound reported in the price of ABS and a reduction of 2 Cents per pound noted in the price of Polystyrene.
West Texas Intermediate and Brent Crude oil fell to $76.56 and $81.58 per barrel respectively, reductions of 2.1% and 2.4%.
Global oil prices slipped back despite continuing hostilities in the Red Sea with Iran-aligned Houthis stepping up attacks near Yemen.
Traders remain concerned about reducing global demand. China has announced its largest ever reduction in the benchmark mortgage rate in an attempt to boost the flagging property sector.
U.S. Energy Information Administration (IEA) data that revealed a 3.5 million barrels increase in crude stocks to a total of 442.9 million barrels dampened markets.
The IEA has revised its 2024 oil demand growth forecast down to 1.22 million bpd. OPEC’s growth forecast is more positive at 2.25 million bpd.
The IEA predicts oil demand will peak by 2030 while OPEC expects oil use to keep rising for the next twenty years.