Morning Briefing - 17 Nov. 2023
CommoPlast
Morning Briefing
17 November 2023
Brent: $77.42 (- $3.76)
WTI: $72.90 (- $3.76)
Naphtha CFR Japan: -$7
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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International benchmarks for crude oil nosedive on Thursday, November 16, 2023, to four-month lows following weak retail sales data in the US while unemployment claims in the country increased to the highest levels in three months. Meanwhile, Chinese oil refineries are expected to reduce throughput further amid margin compression.
Data also showed Saudi crude export rebounded by 3% in September from the previous month to 5.76 million barrels per day, which coupled with the rise in the US commercial crude inventories, indicated the still comfortable supply in the market.
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Chinese customers continue to show better acceptance toward import PE parcels this week with deals for Saudi Arabia LLDPE film being done at a stable to $10/ton higher than the previous week. Although the recent downswing seemed to have found its footing, market participants are still sceptic of any major rebound at the time being.
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The Indian market resumed trading on a mixed note with key domestic producers lifting HDPE and LLDPE offers by INR1,000/ton from the pre-holiday period. However, PP prices fell by another INR2,000/ton. Trading sentiment remains relatively quiet in this market and more movement might be seen in the coming week.
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