European polymer prices continued to rise over the week to 29th April. There were increases of between 25 and 40 EUR per tonne reported in the prices of LLDPE, PET, Polypropylene and PVC. In the UK, prices rose across most grades as the Pound lost value against the Euro.
Asian polymers fell with reductions of 10 and 65 USD per tonne reported in the prices of LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers were mixed with an increase of 9 Cents per pound reported in the price of Polystyrene. There were reductions of 1 Cent per pound reported in the prices of Polypropylene and ABS.
West Texas Intermediate oil rose to $104.30 per barrel, an increase of 2.5%. Brent Crude was relatively unchanged at $106.08 per barrel.
Global oil prices remained above $100 per barrel on fears that supply will continue to be disrupted by the conflict in Ukraine and the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil.
It is estimated that Russian oil production could fall by as much as 17% this year, as Western sanctions over Russia’s invasion of Ukraine reduces investments and exports.
OPEC and allies are likely to stick to their existing deal and agree another small output increase for June when it meets on 5th May, despite pressure from major consumers to increase output.
The number of active U.S. oil and gas rigs continued to rise, this week by three, to a total of 552.
China has shown no signs of easing COVID lockdown measures which have hit its economy and global supply chains. These could counter supply shortfalls due to the war in Ukraine.