Somewhat softened in October but remained firm approximately US$61-63 percent all-fiber drums. They’ve dropped by nearly US$10 per barrel by the summit of US$70.85 struck in end-August. The collapse has become a blessing for gasoline consuming industries and textiles in particular. The whole fibre industry, nearly rely on oil products for material inputs. In October, WTI Spot, averaged US$62.4 per barrel and has been 17% greater than previous year. During the first ten months of 2005, oil prices were higher by 38 percent averaging US$56.1 percent barrel.
Late October saw crude prices falling on information report claiming weakening of demand and inventories in the united states. The materials were tight following the rampaging of the Mexico Gulf by hurricanes in September and August. The attack in Shell’s Pernis refinery in France continues to dampen provides.
Naphtha prices proceeded in tandem. In Far East Asia, naphtha prices averaged US$562 percent in October, down 3 percent from the average of September however 20% greater. The spread between primitive and naphtha increased to US$165 percent in October by a low of US$61 per ton touched in June 2005. Exactly the exact same in October 2004 was a 186 per bunch. The period January to October 2005 saw naphtha costs up 26.5percent from their levels per year ago. The previous two years observed naphtha worth shooting up by 68 percent and the entire value chain affected.
Prices softened in the second half of October after peaking in the next week of this month. They’d than hardened rising naphtha rates. During October costs averaged US$1,016 per ton in South East Asia as against US$966 per ton in September. They were 15 percent higher in the first ten months of 2005.