European polymer prices were largely unchanged over the week to 14th August. There was an increase of 90 EUR per tonne reported in the price of Polystyrene. In the UK, prices fell across most grades as the Pound gained value against the Euro.
Asian polymers were mixed with increases of between 30 and 80 USD per tonne reported in the prices of HDPE, LDPE, LLDPE and ABS. There was a reduction of 10 USD per tonne noted in the price of PVC. In China, the price of PET rose by 5 USD per tonne.
U.S. polymers were also mixed with increases of 2 Cents per pound reported in the prices of Polypropylene and Polystyrene. There was a reduction of 4 Cents per pound noted in the price of ABS.
West Texas Intermediate and Brent Crude rose to $82.40 and $88.52 per barrel respectively, increases of 5.4% and 5.9%.
Global oil prices lifted after the United States threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.
The latest U.S. threats came as Iran continued to restrict traffic through the Strait of Hormuz, which handled about one-fifth of global oil and liquefied gas supplies before the conflict began in late February.
Shipping traffic in the strait fell below the month’s average towards the end of the week, with both countries making competing claims over control of the waterway.
Two vessels operated by the state-owned Abu Dhabi National Oil Company were attacked in the strait on Thursday, an incident the UAE government condemned as an Iranian attack.
Reports from OPEC and the International Energy Agency forecast weaker demand growth, while U.S. crude stocks posted their largest weekly increase since early 2023.