Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 15 November.

Europe PET, PTA markets wary of outlook but some buyers still prepared to pre-buy
Pre-buying activity has propped up polyethylene terephthalate (PET) and purified terephthalic acid (PTA) demand in Europe, as buyers are attracted to current prices, but the markets remain cautious given the pessimistic outlook for the economy.

Petrochemicals will drive oil demand growth despite recycling
Global recycling rates are set to boom in coming decades but demand for crude oil from the petrochemicals industry is set to continue rising as emerging economies urbanise, the International Energy Agency (IEA) said on Wednesday.

Producer efforts to prop up crude prices failing – IEA
Efforts by crude oil-producing nations in the OPEC+ group are failing to prop up prices, which remain stubbornly in the $60/bbl territory for Brent, in one of the “disparities” the energy sector is experiencing, the executive director at the International Energy Agency (IEA) said on Wednesday.

Boost to economic sentiment in Germany and EU for November – ZEW
Economic sentiment in Germany improved substantially in November, according to economic research group Zew on Tuesday.

Spain chems demand industry-friendly cabinet but instability may persist on hung parliament
Spain’s second general election this year has delivered another hung parliament which could make governability difficult. The chemical sector is hopeful, however, that a cabinet led by the Socialists could pass industry-friendly policies that lower energy costs.

INSIGHT: Global UAN market unfazed by EU anti-dumping duties
Since the provisional implementation of the EU’s anti-dumping duties (ADDs) on ammonium nitrate (UAN) from three key markets the landscape of the global market has not seen any significant changes.