Morning Briefing - 17 September 2024
CommoPlast
Morning Briefing
17 September 2024
Brent: $72.75 (+ $1.14)
WTI: $70.09 (+ $1.44)
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The Asian market saw muted activity on the first trading day of the week, largely due to holidays in key economies, including China, South Korea, Indonesia, and Malaysia.
In Vietnam, spot availability of LLDPE film has tightened significantly as a major local producer delayed the delivery of August cargoes to October, deviating from the original September timeline. Compounding the supply squeeze, delays in imports from a key Saudi supplier have emboldened local sellers to adopt a firm stance on pricing for available stock, further restricting market flexibility.
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The Asian ethylene market declined for the third straight week, ending 13 September, amid continued weakness in downstream demand. Trading activity remained sparse due to a wide gap between selling and buying price expectations. Despite recent drops in naphtha costs, sellers resisted significant price cuts, citing volatility in the upstream market.
Market sentiment is expected to remain bearish, with participants pointing to a grim macroeconomic outlook that continues to weigh on demand and pricing prospects.
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