European polymer prices were largely unchanged over the week to 16th January. There was an increase of 15 EUR per tonne reported in the price of Polystyrene. In the UK, prices fell against some grades as the Pound gained value against the Euro.
Asian polymers rose with increases of between 5 and 15 USD per tonne reported in the prices of Polypropylene, PVC, ABS and Polystyrene. There was a reduction of 10 USD per tonne noted in the price of PET. In China, the prices of HDPE, LDPE and LLDPE rose by between 5 and 10 USD per tonne.
U.S. polymers also rose with increases of 1 Cent per pound reported in the prices of PVC and ABS.
West Texas Intermediate and Brent Crude rose to $59.34 and $64.13 per barrel respectively, increases of 0.4% and 1.2%.
Global oil prices rose slightly ahead of the U.S. holiday weekend due to ongoing fears about a possible U.S. military strike against Iran.
The U.S. Navy’s aircraft carrier, U.S.S. Abraham Lincoln, was expected to arrive in the Persian Gulf this week after operating in the South China Sea.
Traders remain concerned about a possible blockade of the Strait of Hormuz by Iran in the event of an escalation, through which around 25% of seaborne oil supplies are shipped.
However, pressuring prices are potential supply increases from Venezuela. U.S. Energy Secretary, Chris Wright, said the U.S. is receiving a 30% higher price for Venezuelan crude oil than Venezuela got before U.S. special forces captured President, Nicolas Maduro, this month.