SUMMARY Crude oil futures spiked to a four week high, rising to US$74.04 a barrel for October delivery in the week of Sep 3, 2007 on the New York Mercantile Exchange, on account of a sudden drop in inventories. Naphtha rose in line with robust crude prices. Ethylene prices dropped sharply as the market continued to maintain a downbeat mood. Propylene prices rose marginally . S tyrene monomer (SM) prices stagnated despite a drop in benzene prices. EDC prices stagnated at last weeks' level, while stringent supplies in the Asian region have supported a hike in VCM prices . All the polyethylenes, PP and ABS. PVC prices rose in line with higher VCM prices and GPPS prices rose marginally.
CRUDE OIL Spiking by almost 4%, c rude oil for October delivery rose to its highest closing price in over 4 weeks to US$74.04 a barrel in New York, in the week of Sep 3, 2007. A larger than expected drop in US oil and gasoline inventories, reported by the Energy Department, has led crude oil market to a bullish trend. Crude oil strength was also bolstered by concerns about a storm in the Atlantic Ocean- Felix. Felix has rapidly strengthened into a dangerous Category 5 hurricane and churned through the Caribbean Sea on a path toward Central America, where it is forecast to become a "potentially catastrophic" storm.
Wednesday, September 05, 2007
Price trends of oil, polymer feedstock and commodity polymers in Asia for the we..
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