European polymer prices rose over the week to 28th August. There were increases of between 20 and 40 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE and Polypropylene.
Asian polymers were mixed with increases of between 10 and 40 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene and Polystyrene. There were reductions of 5 and 30 USD per tonne noted in the prices of PVC and ABS. In China, the prices of LLDPE and HDPE fell by 10 and 25 USD per tonne.
U.S. polymers fell with reductions of between 1 and 2 Cents per pound reported in the prices of LDPE, LLDPE, PET, PVC, ABS and Polystyrene.
West Texas Intermediate and Brent Crude fell to $83.40 and $88.10 per barrel respectively, reductions of 4.2% and 6.7%.
Global oil prices slipped back after two weeks of gains on expectations of a possible agreement on shipping through the Strait of Hormuz and U.S. access to Venezuela’s oil reserves.
Mediators are increasing efforts to get the Strait reopened. Tehran agreed to draw up a list of conditions to restore normal traffic after a Qatari emissary pressed the Iranians to respect freedom of navigation.
Earlier the U.S. had announced what it called the “toughest sanctions in history” on Iran. Tehran said the sanctions were an “inhumane and hostile act” that had lost their effectiveness.
President, Donald Trump reported that the U.S. had reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves.