Crude oil remained firm for the week ending 27 July, at over US$75 a barrel with supplies not being restored completely in Nigeria and high demand in the summer driving season. London Brent crude, settled at US$75.80 a barrel while New York Light sweet closed at US$ 74.88 a barrel. Naphtha prices declined from US$ 5-28 a ton on declining crude oil prices in the week ending 27 July. The CFR Japan naphtha was at US$693 a ton, down US$7.73 from the previous week's close, while in Rotterdam was down US$ 28.10 to US$481 per ton.
The polyester chain showed a mixed trend this week despite the decline at the upstream. Prices of paraxylene weakened by US$20 across all markets. Prices in South East Asia decreased US$20 a ton to trade at US$1,165 a ton CFR similarly prices in Europe fell US$20 to US$1,130 a ton FOB Rotterdam. Ethylene prices further increased in North East Asia by US$90 per ton to US$1,170 for the week ending 27 July. The US Gulf physical FD numbers were at US$992 per ton falling slightly from its previous weeks close. The NW Europe FD was at US$1,300 a ton, down US$1.45 from previous week's close. The CIF North West Europe numbers increased US$9 to US$1,249.
PTA prices in most markets were steady despite of a weak paraxylene prices in Asia in the week while MEG prices increased moderately by US$5-10 a ton in Asia supported by the upward movement in ethylene prices. PET prices though staying stable in most markets increased in China. In China, continuous polymerized semi-dull chip traded at US$1,440 a ton rising by US$19 a ton in the week while super bright chips prices increased US$26.42 a ton. PFY was the same in most markets as the previous weeks close but saw 5-7 cents increase in Pakistan. Polyester staple fibre prices were steady all over.
The nylon chain prices were steady this week except benzene which is in a down trend after peaking in May 2007. Benzene prices loosened across the markets. In Korea, benzene was traded at US$1,019 a ton, FOB, down US$20 from previous week's numbers while in Europe prices fell US$55 a ton and were pegged at US$ 1,049 a ton FOB Rotterdam and at US$1,039 a ton CIF ARA. Caprolactum also slid in many markets.
Acrylic chain which has been gaining significantly was calm and stable in the week. 1.5D/38 mm ASF prices in China showed some weakness and were pegged at US$ 2.72 a kg. While prices in India inched up a cent per kg. ACN prices decreased in US gulf while increased in Europe ACN was pegged unchanged at US$1,750 a ton CFR South East Asia, In China, it was priced at 1,690 a ton, rolling over previous week's numbers. Similarly, Indian ACN too closed at US$1,760 a ton unchanged from the previous week. Propylene prices increased marginally across the markets mostly in Asia this week. In Korea, propylene prices were at US$1,020 a ton, unchanged from previous week's numbers.
(YnFx PriceWatch Report)