European polymer prices rose over the week to 18th December with increases of between 10 and 50 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, PVC and Polystyrene. In the UK region of Europe, prices rose across all grades as the pound lost value against the Euro.
Asian polymers were mixed with increases of between 10 and 120 USD per tonne reported in the prices of PET, PVC and ABS. There were reductions of 30 USD per tonne noted in the prices of HDPE and Polystyrene. In China, the prices of LLDPE, ABS and Polystyrene fell by between 20 and 80 USD per tonne.
U.S. polymers were unchanged.
West Texas Intermediate and Brent Crude oil prices rose to $49.03 and $52.30 per barrel respectively, increases of 5.3% and 4.7%.
Global oil prices climbed to a nine-month high on the back of optimism regarding the proposed U.S. fiscal stimulus deal and record-breaking refining demand in China and India.
U.S. politicians are moving closer to agreeing a $900 billion virus-relief spending package and have expanded the campaign to deliver COVID-19 vaccine shots.
U.S. crude stocks fell by 3.1 million barrels in the week to 11th December, the Energy Information Administration said, far more than analysts’ expectations for a 1.9-million-barrel reduction.
However, Libya’s crude oil production continues to increase and Libya’s Sirte Oil and Gas company has nearly doubled its output to 100,000 bpd.
Commenting on Libya’s rise in oil output, the United Nations stated, “A full resumption of oil production is helping to build momentum for political change.”