Wednesday, November 07, 2007

Price trends of oil, polymer feedstock & commodity polymers in Asia for the...

SUMMARY Crude oil futures for November delivery spiked past US$95 a barrel on the New York Mercantile Exchange. Naphtha prices continue rising in line with robust crude prices. EDC and VCM prices stagnated due to sluggish downstream market movement. Ethylene and propylene prices have dipped as buying interest softens in anticipation of increased supplies from the Middle East. Styrene Monomer prices have dipped as major players remained absent from the markets.HDPE, LDPE, LLDPE prices rose on improved market conditions. GPPS, ABS rose in line with strong crude and naphtha prices. PVC prices stagnated due to persistent dull market outlook and weak demand from China.
CRUDE OIL Crude oil futures have spiked past US$95, to settle at a record US$95.93 a barrel on the New York Mercantile Exchange - reaching all time inflation adjusted highs. Several factors have affected the four dollar hike of this week: An unexpected drop in US inventory levels to a two-year low, a dipping dollar that has made OPEC members cautious of increasing output, speculation of an increase in fuel demand, after a government report showed US employers added almost twice as many jobs as forecast in October, a cut in operations at a 172,000 bpd Petroplus Holdings AG refinery in England for a month, reduced rates at Chevron Corp.'s 330,000 bpd refinery in Pascagoula, Mississippi until early next year due to an August fire.

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