Olefins Prices Strong in U.S., Mixed in Europe

Despite the sharp rise in crude oil prices this week, commodity petrochemicals moved to the beat of their own drummers with widely mixed results for contract settlements. West Texas Intermediate was higher by almost $4/bbl to $108.56/bbl, while Brent crude soared by more than $7/bbl to $122.22/bbl. That pushed spot naphtha in northwest Europe higher by $35/m.t. North American feedstocks continued to move upward, as ethane, propane and butane each gained about 5 cts/gal. Naphtha, meanwhile, added about 6 cts/gal, nearing the $2.50/gal mark. On the U.S. olefins...

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