SUMMARY Crude oil futures spiked to their highest closing since August 2, rising to US$76 levels for October delivery in the week of September 10, 2007 on the New York Mercantile Exchange, on account of a continued drop in inventories. Naphtha rose in line with robust crude prices. EDC and VCM prices stagnated at last weeks' level. Ethylene prices dropped upon the arrival of cheaper cargoes from the Middle East. Styrene monomer (SM) prices rose in line with rising benzene prices. Propylene prices steadied as downstream PP prices started upon a downward price correction. LDPE rose on the back of stringent supplies. HDPE, LLDPE and PP prices dipped on weaker demand. PVC prices stagnated, while GPPS prices rose on improved market conditions and ABS prices climbed along with rising feedstock prices.
CRUDE OIL Crude oil futures for October delivery climbed to its highest closing price since Aug. 2 to US$76.70 a barrel on the New York Mercantile Exchange, on release of a government report showing a drop in crude and gasoline inventories. This is the eighth time in nine weeks that crude oil inventories have dropped, supporting the data that gasoline supplies have fallen by 1.5 mln barrels to their lowest level since September 2005. Concerns of faltering demand triggered by a slowdown in US economic growth is reason to believe that OPEC may reject calls to increase output at its Sept. 11 meeting.
Tuesday, September 11, 2007
Price trends of oil, polymer feedstock & commodity polymers in Asia for the week of S...
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