Crude oil futures for November delivery spiked past US$96 a barrel on the New York Mercantile Exchange amid concerns about supplies due to OPEC's apparent reluctance to pump more crude into the market and a weak US dollar. Naphtha prices continue rising in line with robust crude prices. VCM prices dipped in line with diminishing downstream demand, while EDC prices stagnated as sellers resist lower bids from buyers. Ethylene prices spiked by a healthy hundred dollars on emerging downstream demand and propylene prices firmed up on strong crude oil and robust naphtha prices. Styrene Monomer prices rose on promising demand from buyers.Riding on the back of robust market sentiments and strong demand HDPE, LDPE, LLDPE and PP prices saw healthy rise. PVC and GPPS markets were lackluster and lacked any movement as prices stagnated. A spurt in feedstock costs has caused ABS prices to rise.CRUDE OIL Crude oil futures rose past US$96 in the week of November 12, 2007 despite a slowing US economy. This rise can be attributed to expectation of possible rise of options trading. Crude oil for December delivery rose to US$96.32 a barrel on the New York Mercantile Exchange, surging amid concerns about supplies due to OPEC's apparent reluctance to pump more crude into the market and a weak US dollar.
Tuesday, November 13, 2007
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