European polymer prices were unchanged over the week to 12th May. In the UK, prices fell across most grades as the Pound gained value against the Euro.
Asian polymers fell with reductions of between 5 and 40 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, ABS and Polystyrene. In China, the price of Polystyrene fell by 95 USD per tonne.
U.S. polymers were mixed with a reduction of 3 Cents per pound reported in the price of PET and an increase of 3 Cents per pound noted in the price of ABS.
West Texas Intermediate and Brent Crude oil fell to $70.11 and $74.17 per barrel respectively, reductions of 1.6% and 1.8%.
Global oil prices fell for the fourth consecutive week as the market balanced supply fears against doubts over the strengths of the U.S. and Chinese economies.
Concern mounted that the United States, the world’s largest oil consumer, will enter recession, with talks over the U.S. government’s debt ceiling postponed.
U.S. Federal Reserve governor, Michelle Bowman, said the Fed might need to raise interest rates further if inflation stays high, adding that data this month has not convinced her that price pressures are receding.
China’s April consumer price data rose at a slower pace than in March, missing expectations, while deepening factory gate deflation refocused doubts about its recovery from COVID restrictions and future oil consumtion.
OPEC stated it expects July to December demand for its own crude to be 90,000 bpd higher than previously projected and kept its global oil demand forecast for 2023 unchanged.
The number of active, U.S. oil rigs fell by two, to 586, the lowest since June 2022.