Olefins Prices Continue to Ease

Continued weakness in crude oil and the growing financial crisis in Europe caused petrochemical markets to plunge this week. Ethane and propane were both lower by 6 cts/gal, while butane fell 9 cts/gal. Among U.S. spot olefins, ethylene was steady at about 55 cts/lb, while both grades of propylene lost a penny. Spot butadiene slid 3 cts/lb. Spot naphtha in northwest Europe was off $40/m.t. setting the tone for spot olefins. Ethylene tumbled €100/m.t. amid reports of weak demand in all key markets. Spot propylene fell €120/m.t., players say, while...

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