Free Petroleum resins pricing Trend and Forecast New York
- Location: New York, New York, NY
North American Petroleum Resin Price soared in the first quarter of 2022, reaching USD107.24 per barrel in March of 2022. In the first month of the year, WTI Crude touched seven-year highs in January. Despite OPEC+'s commitment, supply was disrupted, and output fell short of expectations. With the conflict in Ukraine intensifying and penalties by the US govt. on the Russian oil, the price of West Texas Intermediate crude, the US benchmark, surpassed USD120 per barrel by the end of the quarter. After a year of harsh weather squeezing supply, resin manufacturers in the United States faced several challenges in recovering outflows just as more supply is set to ship out in 2022. Petroleum jelly spot prices climbed in the fourth quarter of 2020 because of resilient demand from downstream industries. The quarterly averaged price ranged in between USD 3500-3700/MT in the North American region.
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