Europe top stories: weekly summary
ICIS Editorial
18-Mar-2024
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 15 March.
Europe ethylene and
propylene sentiment cautiously optimistic for
remainder of H1
Given the better-than-expected demand
conditions, with improved sales volumes and
higher prices lifting many out of the mire that
was 2023, the question on everyone’s lips is
how long can we expect this state of affairs to
last.
Potential for oil market deficit in 2024 as
demand expectations grow – IEA
Higher oil demand expectations and fresh
production cuts from the OPEC+ alliance could
push the 2024 crude market balance from a
surplus to a slight deficit if the voluntary
reductions remain in place for the rest of the
year, according to the International Energy
Agency.
Surging PET bottle bale
prices threaten to ‘destroy’ Europe’s R-PET
market
Feedstock bale prices hit €930/tonne ex-works
in Poland on Monday, prompting recycled PET
participants to suggest such price levels
threaten to destroy the R-PET market as they
fear a repeat of 2022’s disastrous price
volatility.
Europe acetic acid, VAM
contract talks for March focus on supply
disruption
March negotiations are underway for European
acetic acid and vinyl acetate monomer (VAM)
contract pricing with security of supply a key
influence on negotiations amid LyondellBasell’s
force majeure in the US and other disruptions
to global trade flows.
Caution caps optimism as
peak season arrives for Europe styrene
market
Spot activity in the Europe styrene market was
moderate in the week ended 8 March, as players
attended a key industry event, while cautious
and conservative sentiment persisted alongside
crosswinds from ongoing demand weakness and
thin liquidity, high feedstock costs and
reduced availability. Participants pointed to
only slight improvements in demand and market
optimism from levels seen in 2023.
Europe cracker margins up
on firmer ethylene, co-products
pricing
Cracker margins in Europe rose in the week on
the back of firmer ethylene and co-product
pricing, ICIS Margin Analysis showed on Monday.
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