SUMMARY Crude oil futures for November delivery closed for the week at US$88.60 a barrel on the New York Mercantile Exchange, after rising above US$90 a barrel this week for the first time. Naphtha prices continue rising in line with robust crude prices. EDC and VCM prices have dipped due to sluggish market movement. Ethylene prices dipped on anticipation of escalating supplies from the Middle East and Far East region. Propylene prices have stagnated as buyers and traders both retreated to the sidelines to wait for a clearer picture of market movement. Styrene Monomer prices rose marginally on rising feedstock prices. Markets for all the polymers stagnated at last weeks' levels, generally because of price expectations lower than supplier quotes. PVC prices dipped due to persistent dull market outlook and weak demand from China.
CRUDE OIL
Crude oil futures for November delivery closed for the week at US$88.60 a barrel on the New York Mercantile Exchange. This dip has been affected by signs that inventories in USA were sufficient to meet demand - 7.8% higher than the 5 year average for the period. Earlier this week, prices rose above US$90 a barrel for the first time, mainly due to a falling dollar and concerns of a possible attack by Turkey on the Kurdish rebels in Iraq, which has the world's third-biggest oil reserves.
Wednesday, October 24, 2007
Price trends of oil, polymer feedstock & commodity polymers in Asia for the...
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