Crude oil futures rose marginally to US$72 for September delivery in the week of August 20, 2007 on the New York Mercantile Exchange. The past few weeks have witnessed a dip in prices prompted by news of a US economy slowdown.Naphtha rose despite dipping crude oil prices, as a result of rising demand. Persistent stringent supplies continue to prompt higher ethylene prices in Asia, though propylene remained lackluster. Styrene monomer (SM) prices dropped as buyers adopted a "wait and watch" stance. Robust buying has kept EDC prices higher, while VCM markets stagnated at last weeks' levels. Market for all the PE polymers and PP remained stagnant.PVC witnessed a robust price hike, while GPPS and ABS rose marginally.
CRUDE OIL Crude oil prices saw a marginal increase to US$72 for the week of August 20, 2007. This hike was supported by announcement of an unanticipated cut in the US Federal Reserve's discount rate. Also supporting oil prices was concerns prevalent in the market about news that Hurricane Dean may blow into the Gulf of Mexico this week. On the whole, this month has seen oil prices fall from near record highs on apprehensions of a cut in economic growth rate in the USA due to losses in the U.S. credit market.
Tuesday, August 28, 2007
Price trends of oil, polymer feedstocks & commodity polymers in Asia for the week of ...
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