Crude oil futures for November delivery closed at a high of US$91 a barrel on the New York Mercantile Exchange. Naphtha prices continue rising in line with robust crude prices. EDC and VCM prices have dipped due to sluggish market movement on downbeat demand from downstream buyers. Ethylene prices dipped as increased supplies from the Middle East is expected to continue. Propylene prices dipped despite limited supplies, and prices did not rise on weak end user demand. Styrene Monomer prices stagnated as downstream demand continues on a subdued note.HDPE, LDPE, LLDPE prices rose on improved market conditions. PP, GPPS, ABS prices stagnated amid subdued demand from China. PVC prices dipped due to persistent dull market outlook and weak demand from China.
CRUDE OIL Crude oil futures leapt past US$91 a barrel in New York in the week of October 29, 2007. This spike in prices can be attributed to an unexpected drop in weekly inventory levels in USA, concerns about political tensions in the Middle East and the weakening U.S. dollar. Prices have also found support due to worries about inadequate supplies ahead of the Northern Hemisphere winter, when demand is expected to be stronger. The US has accused Iran's military of supporting terrorism and announced new sanctions on the country that holds the world's second-biggest oil reserves.
Wednesday, October 31, 2007
Price trends of oil, polymer feedstock & commodity polymers in Asia for the...
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment