Business was starting to pick up in some countries following the celebration of the Diwali holiday, but the pace was generally muted as the approach of the end of the year meant that both buyers and sellers preferred to keep volumes to a minimum and maintain lean inventories. Volatility in crude oil and feedstock pricing turned consumers more vigilant, not only about immediate product needs, but in terms of next year’s contract volumes as well.
Crude oil prices continued to be on everyone’s radar as values showed significant fluctuations during the week. Futures jumped early in the week but fell on Wednesday on news that the OPEC+ would be delaying a meeting scheduled for the weekend where the group was expected to decide whether to deepen production cuts next year. News of a possible Israel-Hamas truce and the release of hostages assuaged fears of a widespread conflict in the Middle East.