SUMMARY Crude oil prices have risen to near US$98 a barrel as the weather gets colder in the United States and Europe, and the US dollar continues to weaken. Naphtha prices spiked by thirty dollars- in line with robust crude prices. VCM prices dipped in line with diminishing downstream PVC demand, while EDC prices dipped on bearish market sentiments. Ethylene markets stagnated as an influx of cargo from the Middle East has led to a situation of abundant supply. Propylene prices stagnated as buyers and sellers refrained from activity due to bullish downstream PP markets. Styrene Monomer prices dipped on bearish upstream benzene markets.Propped by strong demand from China, HDPE prices continued to rise and LLDPE rose in line with optimistic HDPE market. LDPE and PP markets have gained strength on the back of limited availability. PVC prices stagnated on the lack of movement in the market. Restrained demand from GPPS buyers have pressured downward market movement in Asia while ABS markets stagnated as buyers preferred to wait and watch.
CRUDE OIL Crude oil prices have risen to near US$98 a barrel as the weather gets colder in the United States and Europe, and the US dollar continues to weaken. The dollar hit a new low against the Euro on Friday as speculation continued that the American credit crisis will lead to another cut in US interest rates. The onset of the Northern Hemisphere winter will boost fuel demand and continue to exert pressure on oil prices. Crude oil futures jumped up last week and closed at all time high of US$98.18 per barrel in the New York Mercantile Exchange, midmorning in Singapore.
Tuesday, November 27, 2007
Price trends of oil, polymer feedstock & commodity polymers in Asia for the...
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment