Olefins Contracts in Europe Rise for January

Petrochemical market watchers say that year-end increases are a surprise because buyers are working down inventory so offers often go begging. This year, however, with inventories already low and crude oil prices rising, petrochemcials ticked higher on Christmas Eve. Spot naphtha in northwest Europe rose a hearty $50/m.t., but the real action was at the cold end of the cracker where producers secured solid increases for January olefin contracts. Ethylene was settled higher by €105/m.t. while propylene was done at an increase of €110/m.t. Butadiene...

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