SUMMARY Crude oil futures dipped marginally to US$71.09 per barrel for September delivery in the week of August 27, 2007 on the New York Mercantile Exchange, on account of a sudden unexpected rise in inventories. Naphtha dipped in line with falling crude prices. Weaker buying sentiment has caused a sharp drop in ethylene and propylene prices. Rising upstream benzene prices supported a rise in Styrene monomer (SM) prices. EDC prices stagnated at last weeks level, while stringent supplies in the Asian region have supported a hike in VCM prices. HDPE and LDPE rose on the back of tight supply, while LLDPE and PP markets remained lackluster. PVC prices rose in line with higher VCM prices. GPPS prices dipped and ABS prices stagnated. CRUDE OIL Oil prices witnessed a marginal dip, slipping down to US$71.09 on the New York Mercantile Exchange in the week of August 27, 2007 on reports by the US Energy Department of an unexpected rise in inventories. Crude oil for October delivery climbed down from last weeks' US$71.98 a barrel after an opening price for the week of US$69.26 a barrel.
Wednesday, August 29, 2007
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