IHS Chemical Week

Chemical Week Magazine :: Basic Chemicals & Plastics

Lean inventories limit crude-led destocking in US and Europe

6:25 AM MDT | October 24, 2014 | —Clay Boswell

Plummeting crude oil prices ordinarily spark downstream destocking in anticipation of lower raw material prices, but with polymer inventories already low, consumers in Europe and North America are largely unable to wait for cost savings to pass through, say analysts at IHS Chemical. The price of crude oil declined more than 20% between late June and late October because of bearish economic sentiment, increased supply from Libya, and growing US production. WTI crude traded as low as $83/bbl in the week ended 24 October. Oil prices could fall below $70/bbl if...

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