SUMMARY Crude oil futures escalated past US$80 per barrel as fast-forming Hurricane Humberto stunned the area around the Texas-Louisiana border and rendered shut down of three refineries. Naphtha rose in line with robust crude prices. EDC and VCM prices dropped due to bearish downstream demand. Ethylene prices dropped on account of weaker demand from downstream PE manufacturers. Propylene prices dropped on quiet market conditions. Styrene monomer (SM) prices rose in line with rising oil and benzene prices. HDPE, LDPE, LLDPE and PVC markets stagnated on dull buying interest. Subdued demand from China has pressurized PP as well as GPPS prices to drop. ABS prices climbed along with rising feedstock prices. CRUDE OIL Crude oil prices escalated past US$80 per barrel, but ended the week of September 17, 2007 at US$79.10 a barrel on the New York Mercantile Exchange. Fast-forming Hurricane Humberto stunned the area around the Texas-Louisiana border, shutting down three refineries -Total Petrochemicals USA, Valero Energy Corp. and Motiva Enterprises LLC refineries in Port Arthur were shut down by power outages.
Wednesday, September 19, 2007
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