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Olefins Dragged Down by Falling Crude Oil Prices
10:06 AM MDT | May 13, 2010 | Lindsey Bewley
U.S. olefins were down this week on lower crude oil prices. Ethylene lost about 2 cts/lb, trading at around 40-42 cts/lb. Meanwhile, the April ethylene contract price settled at a decrease of 3 cts/lb, to 52.5 cts/lb. Propylene contracts for May were also settled, but at a staggering decrease of 12 cts/lb. This brings CGP to 62 cts/lb and PGP to 63.5 cts/lb for May. Spot propylene was aslo dragged lower by about 2 cts/lb on falling RGP prices. Spot naphtha in northwest Europe eased off $10/m.t. Spot ethylene added €15/m.t. but propylene was reported to...
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