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Olefins Choppy as Crude Falls
11:03 AM MDT | May 26, 2010
With crude oil prices continuing to slide, and economic uncertainty abroad in Europe , petrochemical prices declined broadly last week. West Texas Intermediate and Brent crude declined more than $2/bbl each to $67.25/bbl and $69.77/bbl respectively. Natural gas on the Henry Hub lost 10% to $4.08/million Btu. Spot naphtha lost $30/m.t. in northwest Europe , but spot olefins prices were firming, with producers keen to rebuild margins. Gains were uneven though, market watchers say, with bids for ethylene higher by E25/m.t. and offers rising E55/m.t. Propylene was...
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