European polymer prices continued to rise over the week to 29th March. There were increases of 10 EUR per tonne reported in the prices of LDPE and LLDPE. In the UK, prices rose across all grades as the Pound lost value against the Euro.
Asian polymers were mixed with reductions of between 5 and 10 USD per tonne reported in the prices of LDPE, LLDPE and Polystyrene. There was an increase of 5 USD per tonne noted in the price of ABS.
U.S. polymers were static apart from an increase of 4 Cents per pound reported in the price of ABS.
West Texas Intermediate and Brent Crude oil rose to $83.49 and $87.07 per barrel respectively, increases of 3.3% and 1.8%.
Global oil prices lifted on expectations that OPEC+ will maintain current production cuts, ongoing attacks on Russia’s energy infrastructure and a falling U.S. rig count.
Although Russia is contending with a spate of attacks on its oil refineries by Ukraine, it has ordered companies to cut output in the second quarter to meet a 9 million bpd target to comply with pledges to OPEC+.
Last week, the active, U.S. oil and gas rig count fell by three to 621.
In addition, Asia’s imports of crude oil are expected to rise to the highest level in 10 months as China and India increase offtake from Russia.
The Asian region is forecast to import 27.48 million bpd in March, up from 26.70 million bpd in February and January’s 27.18 million bpd.