Indian polyolefin importers have slowed buying after the latest flareup in the USIran war lifted prices and raised uncertainty over delivery schedules. LLDPE CFR India was assessed at $1,1801,220/t for the week ended 31 July, up from $1,0901,150/t for the week ended 26 June, while PP raffia rose to $1,1901,240/t from $1,1001,140/t over the same period, according to Argus. Freight concerns have intensified after attacks on Saudi energy vessels, with shipping companies signalling surcharges of up to $140/t for transits through the Bab elMandeb strait. Indian producers have also raised local LLDPE and PP raffia prices since 23 July amid higher crude values and slower import bookings.

Private equity-backed US shale assets are being sold at a faster clip, highlighted by Kayne Anderson and Warburg Pincus agreeing to sell WildFire Energy to Magnolia Oil & Gas for about $4.1bn. Matador Resources also agreed to buy EnCap-backed Paloma Permian for $1.3bn. The deals are concentrated in core areas such as Eagle Ford and the Delaware basin, involving hundreds of thousands of net acres and tens of thousands of barrels of oil equivalent per day. The pace has exceeded expectations and reflects buyers’ willingness to ascribe higher values to upstream assets in a higher-price environment.