European polymers static, Asian mixed, US rise. WTI and Brent Crude rise

European polymer prices were relatively unchanged over the three weeks to 10th January. There was an increase of 10 EUR per tonne reported in the price of Polystyrene. In the UK, prices rose against most grades as the Pound lost value against the Euro.

 

Asian polymers were mixed with increases of between 10 and 20 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, PET and Polypropylene. There were reductions of 10 and 35 USD per tonne noted in the prices of ABS and Polystyrene. In China, the prices of LDPE, LLDPE, PET and Polypropylene fell by between 5 and 25 USD per tonne.

 

U.S. polymers rose with increases of between 1 and 5 Cents per pound reported in the prices of LDPE, LLDPE, PET and ABS.

 

West Texas Intermediate and Brent Crude oil rose to $76.57 and $79.76 per barrel respectively, increases of 10.2% and 9.4%.

 

Global oil prices recorded their third consecutive week of gains on concerns of potential supply disruptions due to additional sanctions on Russia and Iran.

 

U.S. President, Joe Biden’s administration has imposed its broadest package of sanctions so far, targeting Russia’s oil and gas income.

 

The move is intended to cut Russia’s revenues as it continues the war in Ukraine that has resulted in the death of over 12,000 civilians since its invasion in February ’22.

 

The U.S. Treasury imposed sanctions on Gazprom Neft which produces around 10% of Russia’s oil and gas as well as 183 vessels that ship Russian oil.

 

Gazprom Neft stated that the sanctions were unjustified and illegitimate and it will continue to operate.

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