Spot Olefins Mostly Steady in the U.S., Surging in Europe

Unrest across the Mideast continued to drive oil prices higher, with Brent crude reaching $115.14/bbl, an increase of $13.28/bbl in the past two weeks; West Texas Intermediate rose $16.40/bbl in the past fortnight to $101/bbl. In sharp contrast, spot natural gas on the Henry Hub was unchanged at $3.92/million Btu. North American feedstocks were pulled higher. Ethane was up 2 cts/gal, while both propane and butane tacked on a penny. Naphtha was the big winner, posting a gain of about 15 cts/gal. Spot olefins in the U.S. were mixed. Both grades of propylene were...

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