Crude Oil In The Week Sees The Biggest Decline In 10 Months

Mumbai, Maharashtra India (PressExposure) December 19, 2007 -- YnFx PriceWatch Report dated 30th Nov 07 reported, Crude oil in the week saw its biggest decline in the last 10 months on account of restored supply from the Canadian company, Enbridge along with the speculation that Organization of Petroleum Exporting Countries may raise output at a meeting in Abu Dhabi next week. Average Europe brent prices declined by US$1.23 to US$92.60 a barrel while OPEC basket average price declined to US$89.18 while NYMEX Futures fell US$3.12 to US$93.22 a barrel.

Naphtha prices in Japan jumped US$28 to US$874 a ton while in Singapore; Naphtha increased US$705 a ton increasing by US$26. Naphtha contract prices declined along with crude oil prices in the week ranging from US$2 for the 1st half of January to US$7.50 for 2nd half of March.

PFY prices in Malaysia and Indonesia jumped by about 4-8 cents in the week while in Chinese markets it rose by 1-4 cents for most specs. PSF prices for 1.4D/38 mm SD increased in most markets in China while staying steady in Pakistan. 1.4D/38 mm SD in Jiangsu got quoted at US$1.64 a kg while in India it was quoted at US$1.58 a kg.

Ethylene prices in NW Europe were quoted at US$1,371 a ton CIF and at US$1,341 FD Spot terms. In US gulf, Ethylene prices fell S$13 to US$1,121 a ton while in SE Asia it increased US$30 to US$1,130 a ton. Paraxylene prices in the week moved up moderately in most markets of Asia whereas in Europe it increased by about US$95 a ton FOB terms.

MEG prices in China, Taiwan and Korea increased by US$30 – US$60 a ton. Front month offer in Korea / Taiwan got quoted at US$1,640 a ton, FOB higher by US$40. In China, Buying Ideas got quoted at US$1,640 a ton while Mainstream offer was higher by US$30. MEG prices firmed up due to an unanticipated short fall in supply due to the blast in SABIC facility. PTA prices in China saw some marginal adjustments in the week. Goods in bonded areas was quoted at US$860 a ton similarly mainstream china prices also fell by US$5 to US$US$845 a ton.

NFY prices in China inched up a cent in the week for most specs in POY, FDY and DTY. POY 20D/ 1 SD got quoted at US$5.96 a kg while in Korea POY 85D/24 SD in Korea was quoted in US$3.05 a kg. Polypropylene prices in the week remained stable in China and Turkey. 1.5D 38mm spec in China got quoted at US$1.76 a kg while 2.2D / 6-12 mm Polypropylene prices in Turkey got quoted at US$3.20 a ton.

ASF prices in the week remained stable across markets in Asia with a few exceptions. In India, ASF prices in dollar terms declined by a cent. 1.5D 38/mm in India was quoted at US$2.74 a kg while the same in China was quoted at US$2.62 a kg. Propylene prices in Korea in the week closed at US$1,090 a ton, FOB falling US$50. Acrylonitrile prices were steady across all markets. In China, Acrylonitrile was quoted at US$1,860 a ton while in NE and SE Asia it got quoted at US$1,920.

VFY prices in the week moderately increased in China by about a cent. 75D bright and dull both were quoted at US$7.30 a kg.However in India, prices in India remained mixed with the highest increase for 120D bright price which increased by 10 cents. VSF prices in India weakened up across grades by 1-2 cents. 1.2D bright was quoted at US$2.84 a kg. Whereas in China, 1.5D/38 mm remained at US$3 per kg similarly in Pakistan, 1.5D VSF local price was at US$2.86 a kg, unchanged.

Far East Cotlook ‘A’ index in the week increased by 2 cents to US$1.54 a kg while New York cotton futures remained bearish falling by 3 cents to US$1.31 a kg. Cotton prices in India declined across most grades, and the standard grade Shankar 6 was quoted at US$1.39 per kg lower by 3 cents.

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Press Release Submitted On: December 05, 2007 at 5:52 am
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