Crude oil is having a brutal week

By Polymers (ScrapMonster Contributor)

September 06, 2016 01:31:16 AM

SEATTLE (polymers.in):  WTI crude futures fell 2.86% to USD 43.43/bbl.
- Futures have fallen nearly 9% this week.
- Stockpiles grew by 2.3 million bbl, according to EIA. 

Iraq's August crude oil exports inch up to 3.230 million bbl/day
- Iraq’s crude oil exports from its southern Persian Gulf terminals inched up 28,000 bbl/day to 3.230 million bbl/day in August.
- Iraq’s average August export figure is up 4.9% year on year.  

Oil prices rebound on weaker dollar, supportive China manufacturing data
- Oil prices rose in Asian trade on Thursday as the US dollar weakened, rebounding from a more than 3%.
- Brent crude futures had climbed 18 cents to USD 47.07/bbl.
- US crude futures rose 24 cents to USD 44.94/bbl, after falling USD 1.65 or 3.6%.  

Oil Resumes Advance After Biggest Four-Day Drop Since February
- Futures rose as much as 1.3%.
- Oil rose 7.5% in August amid speculation that talks in Algiers at the end of Sept.
- WTI for Oct delivery gained as much as 55 cents to USD 43.71/bbl.
- Brent for Nov settlement gained as much as 53 cents or 1.2% to USD 45.98/bbl. 

Polymers Price
Polypropylene prices gain USD 10 - 20 in Asia
- CFR Far East Asia prices of PP raffia and PP injection were assessed up at USD 975/MT levels, a week on week rise of USD 15/MT. PP film prices were assessed at USD 1000/MT levels, while BOPP prices were also assessed at USD 1000/MT, both up USD 20/MT from last week. PP block copolymer prices were assessed up at USD 1050/MT levels, a gain of USD 20/MT from the previous week.
- In South East Asia, PP raffia and PP injection prices were assessed up at USD 1005/MT CFR levels, a week on week rise of USD 15/MT. PP film prices were assessed at USD 1025/MT levels while BOPP prices were also at the USD 1025/MT levels, both up USD 15/MT from last week. PP block copolymer prices were assessed higher at USD 1080/MT CFR levels, a week on week increase of USD 20/MT.
- In South Asia, PP raffia and PP injection prices were assessed higher at USD 1025/MT levels, a rise of USD 10/MT from the previous week. PP film prices were assessed at USD 1050/MT levels, while BOPP prices were also assessed the USD 1050/MT levels, both up 10/MT from last week. PP block copolymer prices were higher at the USD 1090/MT levels, a week on week increase of USD 20/MT.  

PP, solid PS prices rise, while PET bottle resin drops
- North American PP resin market was able to end its pricing slide in August, with average selling prices moving up an average of 3.5 cents per pound.  High density polyethylene (HDPE) prices climb in Asia
- In Far East Asia, HDPE film prices were assessed up at USD 1135/MT CFR FEA levels, a week on week increase of USD 15/MT. HDPE yarn prices were higher at USD 1160/MT levels, a rise of USD 5/MT from the previous week. HDPE injection moulding prices were assessed up at USD 1110/MT levels, a gain of USD 5/MT on the week.
- In South East Asia, HDPE film prices were assessed up at USD 1150/MT, a week on week increase of USD 20/MT. HDPE yarn prices were higher at USD 1180/MT levels, a gain of USD 5/MT on the week. HDPE injection prices were up at USD 1130/MT levels a gain of uSD 15/MT from the previous week. HDPE bold moulding prices were assessed stable from last week at USD 1160/MT.
- In South Asia prices HDPE film assessed up at USD 1150/MT, a rise of USD 20/MT from last week. HDPE yarn grade prices were at USD 1190/MT levels, a week on week gain of USD 10/MT. HDPE injection prices were up at USD 1160/MT levels, a rise of USD 20/MT from the previous week. HDPE bold moulding were assessed steady at USD 1150/MT levels.  

Low density polyethylene spot prices stable during August on holiday period
- LDPE spot prices closed Wednesday at EUR 1,240/MT unchanged since 12 July.
- The September ethylene contract price settled at EUR 925/MT, rolling over from August. 

Polymers Demand
Europe PP buyers facing upward pressure in September
- PP buyers are facing upward price pressure in September, following the EUR 20/MT increase in the September propylene monomer contract.
- Some sellers are clearly looking for more than plus EUR 20/MT, which would not improve their margins.

Courtesy: www.polymers.io