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

European polymer prices rose over the week to 19th November. There were increases of between 10 and 54 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene. In the UK, prices fell across some grades as the Pound gained value against the Euro.

 

Asian polymers fell with reductions of between 5 and 200 USD per tonne reported in the prices of LDPE, PET, Polypropylene, PVC,  ABS and Polystyrene.

 

U.S. polymers were mixed with a reduction of 4 Cents per pound reported in the price of ABS. There was an increase of 1 Cent per pound noted in the price of PET.

 

West Texas Intermediate and Brent Crude oil fell to $75.71 and $78.66 per barrel respectively, reductions of 6.2% and 4.0%.

 

Global oil prices dropped for the fourth successive week after a surge in coronavirus cases in Europe threatened to slow the economic recovery and on concerns that the major economies will release crude from their strategic reserves to ease global demand pressures.

 

Austria is the first country in western Europe to reimpose a full coronavirus lockdown to tackle the new wave of infections.

 

China has said that it will draw from oil reserves and the United States has requested that the large consuming nations consider releasing stocks in order to lower prices.

 

Prices have remained high because OPEC+ has maintained a steady increase in production despite the surge in global demand.

 

The International Energy Agency and OPEC have said more supply will be available in coming months, but Washington has pressed for a speedier pace.

 

The IEA maintained its outlook for oil demand growth at 5.5 million bpd for 2021 and 3.4 million bpd next year.

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