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

European polymer prices continued to rise over the week to 8th September. There were increases of between 20 and 80 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE and ABS. In the UK, prices fell across some grades as the Pound gained value against the Euro.


Asian polymers were mixed with increases of between 10 and 35 USD per tonne reported in the prices of Polypropylene, ABS and Polystyrene. The price of PVC fell by 10 USD per tonne. In China, the price of LLDPE fell by 10 USD per tonne.


U.S. polymers were also mixed with an increase of 2 Cents per pound reported in the price of Polystyrene and a reduction of 1 Cent per pound noted in the price of Polypropylene.


West Texas Intermediate and Brent Crude oil rose to $87.23 and $90.44 per barrel respectively, increases of 1.9% and 2.0%.


Global oil prices rose to a nine-month high on concerns around tightening oil supplies after Saudi Arabia and Russia extended supply cuts this week.


OPEC member Saudi Arabia and Russia confirmed they will continue with cuts of a combined 1.3 million barrels per day up to the end of the year.


However, markets are still uncertain about the demand outlook in China, which has had a sluggish post-pandemic recovery and stimulus pledges have fallen short of expectations.


Data this week revealed that overall Chinese exports and imports fell in August, due to reduced overseas demand and weak domestic consumer spending.


In Germany, the lower house of parliament passed a bill that could reduce future fossil fuel demand by phasing out oil and natural gas heating systems.


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