Morning Briefing - 08 Nov. 2023
CommoPlast
Morning Briefing
08 November 2023
Brent: $81.61 (- $3.57)
WTI: $77.37 (- $3.45)
Naphtha CFR Japan: - $12
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 sank to the lowest levels since late July on Tuesday, 7 November 2023 following a series of bearish data that outweighed the concerns over the Israel-Hamas conflict. China’s exports continued to fall in October amid lackluster global demand while oil exports from OPEC are recovering despite Saudi and Russia’s commitment to maintain output cuts in December.
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Trading sentiment across the Asian PP and PE market remained dwindling and despite the spreading expectations that the recent downtrend might be nearing the bottom considering the stabilising trend observed in China, buyers refused to make additional purchases.
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