Polystyrene prices surging in Germany due to high crude oil price
In this week, the prices of Polystyrene in Germany surged to $2540/ton HIPS FD Hamburg and $2370/ton GPPS FD Hamburg with a week-on-week increment of 2.42% and 2.60% respectively. Feedstock Benzene and Ethylene prices also surged with increasing crude and Natural Gas prices. Strong market sentiments along with insufficient product availability resulted in such a price trajectory. European Benchmark gas costs bounced by 79% to as high as $379 per megawatt-hour, while Brent crude soared by over 10% to the trading of $139/barrel. On 2 nd March, the German government chose to deliver 434,000 tonnes of its national oil reserve with arrangements by members from the International Energy Agency (IEA) considering the conflict in Ukraine. Germany's commitment to the IEA total, determined based on each member’s oil utilization was 5.4% which relates to 434,000 tons or around 3% of Germany's oil reserve. Styrene costs are likewise surged with speeding up the Benzene and Ethylene market. ...