European polymer prices continued to rise over the week to 29th May. There were increases of between 10 and 20 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE and ABS.
Asian polymers fell with reductions of between 10 and 90 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene.
U.S. polymers were mixed with increases of between 1 and 2 Cents per pound reported in the prices of HDPE, LLDPE, Polypropylene and PVC. There was a reduction of 2 Cents per pound noted in the price of PET.
West Texas Intermediate and Brent Crude fell to $87.36 and $91.12 per barrel respectively, reductions of 9.6% and 12.0%.
Global oil prices recorder their largest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.
US President Donald Trump had a meeting with top aides on Friday to make a “final determination” about a framework for extending the ceasefire with Iran, but it concluded without clarity on the next steps.
He said Iran must agree to never have a nuclear weapon or bomb, that the Strait of Hormuz be reopened for “unrestricted shipping traffic, in both directions”, and that any mines in the waterway are “destroyed”.
Commerzbank has raised its Brent forecasts to $90 per barrel by the end of September and $85 by the end of the year, based on a scenario in which the Strait of Hormuz is expected to remain closed to normal shipping for another two months.