Morning Briefing - 7 Dec. 2023
CommoPlast
Morning Briefing
07 December 2023
Brent: $74.30 (- $2.90)
WTI: $69.38 (- $2.94)
Naphtha CFR Japan: $650 (- $7)
Ethylene CFR NEA: $850 (- $10)
Ethylene CFR SEA: $890 (- $30)
Propylene FOB Korea: $810 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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International benchmarks for crude oil nosedived 4% on Wednesday, 6 December 2023 to the lowest levels in six months despite the latest efforts from OPEC+ to prolong production output cuts to stabilise the market.
A 5.4 million barrels increase in US gasoline inventories last week stoked heavy concerns over the demand outlook when the global manufacturing activities have been dwindling.
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New export offers for Chinese PET bottle dropped $10/ton from the previous week as demand overseas remained dwindled heading into the winter season while key upstream feedstock PTA extended the weakening trend.
Inquiries from Southeast Asia are subdued. Buyers refrain from making large purchases bearing expectations that the market still has room for further reductions.
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In India, a major local producer lifted spot PP, LDPE, and PVC offers with effective 7 December, marking the second hike this month. Spot HDPE, and LLDPE offers are unchanged.
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