Asian LDP: Low demand- Crude
Oil falls $1.53-2.50/b during the week- Inflation dampens sentimentDue to weak demand and uncertain economic
outlook, the Asian low-density polyethylene rating was reduced in the week
ending Aug. 17. On
the week ending Aug. 17, the October ICE Brent crude oil futures contract
dropped $1.53-2.50/b to $91.8/b. Asia saw
high inventories and low demand. The US
dollar was weaker, which provided some relief for PE imports. Many producers
said they preferred to import over producing, as it was cheaper, according to
traders. However, this could not be
confirmed. Sources claimed that rampant
inflation was reducing consumers' disposable income and leading to lower
consumption of many chemicals and plastics products. The rapid reopening of economies following the pandemic, as
well as the Russia-Ukraine conflict, has exacerbated the supply-chain
disruptions that have led to rising...