Bulletin: 150

Date:     October 4, 2022

 

After the start of the war between Russia and Ukraine, the price of Brent oil registered a punctual maximum of 139.13 USD per barrel in March.

Since then, its average price has been falling until reaching a price of 90.23 USD per barrel in September.

At tomorrow’s OPEC meeting in Vienna, the first physical meeting since February 2020 due to COVID, the 13 OPEC members plus 10 other allies, including Russia, will determine whether to reduce daily production by one million barrels. in order to avoid the gradual decline in price and adapt supply to demand at this time of global economic recession.

This possible decision is contrary to the position of President Biden, who proposes the opposite and would like to see production increase to reduce the price of oil and alleviate business costs

Apparently, the proposal of the President of the United States is contrary to the position of Russia, which is going to support the reduction in production.

If the proposal is confirmed, production will have been reduced by 1.1 million barrels since, as will be recalled, a reduction of 100,000 barrels per day was already carried out in September.

As expected, this reduction will not only stop the fall in prices, but will mean an increase and with it, a rise in the prices of derived raw materials.

 

PET.- As expected, demand in September has been lower than desired.

The end of the summer season and prices showing a downward trend have caused greater caution from the buying side.

Contrary to other months, although raw materials have decreased in price, they have not done so as in previous months and thus the PX has decreased its price by 10 €/Mt, while the MEG has decreased by 40 €/Mt. , which makes the price of the PET molecule as a whole fall by only 20 €/Mt.

In September, the average price of PET in Spain was around 1,540 €, but there are known offers of imported PET at a price equivalent to between 1,400 € and 1,450 €/Mt.

 

Este boletín está elaborado en base a la información y experiencia de nuestro equipo comercial. Marsella Global, SL presta especial atención a su elaboración, sin embargo, no podemos garantizar la exactitud y utilidad del contenido publicado.

El destinatario acepta el contenido de este boletín en el bien entendido de que Marsella Global, SL   no se hace responsable de los daños causados por el uso de la información contenida en este documento.