US Polyalphaolefin Futures Plummeted After a Prolonged Uptrend, Oversupply in Market to Follow
US Polyalphaolefin prices finally turned their course to the downside in December after exhibiting a gradual increase consecutively for 3 months. As per the ChemAnalyst database, the prices for Polyalphaolefin 4cSt FOB Oklahoma and Polyalphaolefin 8cSt FOB Oklahoma in the week ending 10th December stood at USD 2995/MT and USD 2750/MT after registering a decline of 2.9% and 5.0%, respectively, from the prices assessed in the closing week of November. Despite the long-awaited relaxation in the polyalphaolefin futures, the traders are now fearing the possibility of facing the brunt of oversupply soon in the market. The polyalphaolefin prices , during the major portion of the fourth quarter, had maintained a steady and continuous growth due to both internal and external market pressures. The market was facing the wrath of skyrocketing ethylene prices riding on the back of acute tightness in the international crude oil inventories and the consequent historic highs in its prices at the glob...