European polymer prices were largely unchanged over the week to 3rd May. There was a reduction of 5 EUR per tonne reported in the price of PVC. In the UK, prices fell across most grades as the Pound gained value against the Euro.
Asian polymers were mixed with an increase of 5 USD per tonne reported in the price of Polypropylene. There was a reduction of 25 USD per tonne noted in the price of Polystyrene. In China, there were increases of between 15 and 25 USD per tonne reported in the prices of HDPE, LDPE, LLDPE and Polypropylene.
U.S. polymers fell with reductions of 1 and 3 Cents per pound reported in the prices of Polystyrene and ABS.
West Texas Intermediate and Brent Crude oil fell to $77.92 and $82.78 per barrel respectively, reductions of 6.9% and 6.0%.
Global oil prices recorded their largest weekly loss in three months on the release of weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.
Concerns remain that high borrowing costs will curb economic growth in the U.S., the world’s leading oil consumer, after the Federal Reserve decided to keep interest rates steady.
Supply risks appear to be reducing as Israel and Hamas consider a temporary ceasefire and the holding of talks with international mediators.
The number of active, U.S. oil rigs fell by seven to 499 this week, the largest weekly drop since November 2023.
OPEC+ is expected to extend its voluntary oil output cuts beyond June if oil demand does not show signs of increasing.