European polymer prices continued to rise over the week to 8th May. There were increases of between 15 and 40 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC and Polystyrene.
Asian polymers were mixed with increases of between 10 and 20 USD per tonne reported in the prices of PET, Polypropylene and Polystyrene. There were reductions of 10 and 55 USD per tonne noted in the prices of ABS and LLDPE. In China, the prices of LLDPE and Polystyrene were unchanged.
U.S. polymers fell with reductions of between 1 and 3 Cents per pound reported in the price of HDPE, LDPE, LLDPE, PET, Polypropylene, ABS and Polystyrene.
West Texas Intermediate and Brent Crude fell to $95.42 and $101.29 per barrel respectively, reductions of 6.4% and 6.3%.
Global oil prices dropped over the week despite Iran accusing the US of violating its 7th April ceasefire agreement after explosions rung out in the Strait of Hormuz.
Iran described the flare-up as an “exchange of fire” between Iranian armed forces and the “enemy”. Iranian news agencies said that “several explosions” were heard near the Iranian city of Bandar Abbas, with commercial parts of a pier in Qeshm, the largest island in the Gulf, being “targeted”.
U.S. President, Donald Trump, told reporters the ceasefire was still in effect and sought to play down the exchange. However, he later renewed an ultimatum demanding Iran give up its nuclear ambitions.
The U.S. Commodity Futures Trading Commission is understood to be investigating oil price trades totalling $7 billion ahead of key Iran war-related announcements by President Trump.