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Economics :: Prices
11:54 AM MDT | August 26, 2008 | Robert Westervelt
Chemical makers may welcome the recent retreat in energy prices but lower raw material costs are already creating downward pressure on chemical pricing. Crude oil hit $145/bbl in mid-July but dropped to $121/bbl on August 21. Ethane prices peaked at $1.54/gal in early July, but fell back to 98 cts-100 cts/gal last week. Natural gas spot prices of $8/million Btu last week are down nearly 40% from early July levels. It appears that concerns in the first half about the inability of oil supply to keep up with emerging market demand have reversed to fears that a drop...
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