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Olefins Push Higher in U.S. and Europe
1:21 PM MST | February 2, 2011 | Lindsey Bewley
Unrest in Egypt drove crude oil prices higher, but traders did not report any immediate knock-on effect in chemical markets. Brent crude soared $6.23/bbl to break the century mark at $101.24/bbl, while West Texas Intermediate rose $5.13/bbl to $90.27/bbl. In North America, ethane fell about 3 cts/gal, while propane was lower by a penny. Butane was stable and naphtha gained 2 cts/gal. U.S. olefins prices were mixed. Spot ethylene rose about 2 cts/lb, to about 45 cts- 46 cts/lb. In contract activity, settlements for January fell by 3.25 cts/lb, to 45.25 cts/lb, on...
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