European polymer prices rose over the week to 25th December with increases of between 15 and 40 EUR per tonne reported in the prices of HDPE, LDPE, ABS and Polystyrene. In the UK region of Europe, prices rose across most grades as the pound lost value against the Euro.
Asian polymers fell with reductions of between 10 and 70 USD per tonne reported in the prices of LLDPE, Polypropylene, ABS and Polystyrene. There was an increase of 40 USD per tonne noted in the price the price of PET.
U.S. polymers were unchanged apart from the price of Polypropylene which rose by 15 Cents per pound.
West Texas Intermediate and Brent Crude oil prices fell to $48.29 and $51.29 per barrel respectively, reductions of 1.5% and 2.0%.
Global oil prices slipped back slightly on news of a new variant of the coronavirus and an increase in the active U.S. oil and gas rig number.
However, U.S. crude stocks fell by 562,000 barrels in the week to 18th December to 499.5 million barrels, the Energy Information Administration confirmed. Gasoline stocks fell by a surprise 1.1 million barrels to 237.8 million barrels.
U.S. energy firms commissioned additional oil and natural gas rigs for a fifth week in a row with a further 2 coming on stream, bringing the total to 348.
Markets remain uncertain about the future recovery of oil demand as a new, highly infectious variant of the novel coronavirus has hit the UK, prompting a number of countries to shut their borders to the kingdom.