(1888PressRelease)
July 18, 2007 - Crude oil prices climbed to 11-month high in the week of 13 July on tighter supplies from the North Sea due to oilfield maintenance this summer and a pipeline problem. London Brent crude, settled at US$77.57 per barrel a shade close to the record of US$78.65 per barrel was reached on 8 August 2006. US crude was at US$73.93 a barrel. The International Energy Agency has predicted increase in global energy consumption next year. It has also indicated mixed global refinery performance for the rest of the summer
Naphtha prices increased marginally on rising crude oil prices. The CFR Japan naphtha was at US$713 a ton, up US$3 from previous week’s close. A week ago, the Asian open spec bids for first half of August were assessed at US$706 a ton while the ask rate was at US$707 a ton CFR. In NW Europe swap aspect, bids for July were at US$680.50 a ton while the ask rate was at US$682.50 a ton.
The polyester chain strengthened further this week gaining at the upstream and fibre segment. Prices of paraxylene prices increased further across markets by US$10-25 a ton. It was traded at US$1,195-1,200 a ton CFR South East Asia. Prices in Europe increased US$25 at US$1,150 a ton FOB Rotterdam. Ethylene prices increased pronouncedly USA and Europe. The US Gulf physical FD numbers were at 45.00-45.25 cents per pound, increasing 2 cents. The NW Europe FD was at Euro 936-939 a ton, up Euro 24-26 from previous week’s close. In Asia, ethylene was dearer by US$15. PTA prices rose in tandem with paraxylene by US$10-35 a ton in Asia.
Offers from Korea/Taiwan were up US$15 at US$925-935 a ton FOB. MEG prices spurted US$5-10 a ton. The ex-Korea/Taiwan numbers were in the range of US$945-950 a ton. PET chips prices inched up in Asia. In China, continuous polymerized semi dull chip prices rose US$16 a ton. Offers from Taiwan were in the range of US$1,170-1,190 a ton, up US$10 from previous week’s close. PFY prices maintained its steady trend this week, rolling over previous week’s numbers across markets. Polyester staple fibre prices were seen inching up in China regaining the previous week’s decline.
The nylon chain prices were stable this week excepting benzene values. Benzene prices were seen rising a bit in Asia and USA while European numbers declined. In Asia, benzene was traded at US$1,073.25-1,074.25 a ton FOB Korea, up US$1.25. In USA, prices were up 2 cents In Europe prices fell US$9-10 a ton. Despite the rise in benzene prices caprolactum prices were stable rolling over previous week’s numbers. In Asia, it was traded in the range of US$2,275-2,285 a ton Far East and South East Asia. Nylon chip and nylon filament prices rolled over previous week’s numbers.
Acrylic chain has been gaining significantly in terms of prices. Short supplies of ASF were spiraling pricing. Propylene prices were rising in the past two weeks in Asia while European and USA numbers were softening. In Korea, propylene was pegged in the range of US$980-990 a ton, up US$5 from previous week’s numbers. Acrylonitrile prices gained in Asia this week. However, European and USA prices declined. ACN was pegged in the range of US$1,750-1,760 a ton CFR South East Asia, up US$10 compared to previous week’s close. Indian ACN was dearer by US$60-90 a ton.
The Mediterranean CIF values were down US$25-35 a ton while US Gulf ACN numbers declined US$30 a ton. ASF prices were however, stable this week after rising sharply in the previous week. In China, wet spinning ASF was dearer by 2 cents a kg.
Viscose staple fibre prices continued its fall in China, while prices in Pakistan were on the rise. Indian prices were stable, rolling over previous week’s numbers. In China, VSF was prices declined by 1 cent at US$2.64 per kg. Cotton pulp prices were stable in the week but environment protection issues still hindered production. In Pakistan, prices rose 8 cents per kg at US$2.81 per kg. Viscose filament yarn prices rolled over previous week’s numbers in China and India.
Cotton prices continued its upward march this week, a 10-week rally. This week prices jumped 1-14 cents a kg across global markets. The Cotlook A ended the week at 69.60 cents per pound up 7 cents a kg from the previous week’s close. In China, the cotton index spurted RMB 188 at RMB 14,125. The Karachi Cotton Association spot rate at Pak Rs.2,850 per maund was up by Pak Rs.125. In India, prices increased in the range of 1-4 cents a kg
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