U.S., Europe Olefins Quiet After Holidays

Lower prices for crude oil, combined with mostly negative economic news in the U.S. and Europe combined to drive petrochemical prices lower this week. Spot business was reported to be scant as players concentrated on contract settlements around national holidays in the U.S. and Canada. North American ethane, propane and naphtha each fell about 2 cts/gal, while butane was down about 10 cts/gal. U.S. olefin contracts did see some settlements, as June ethylene settled at a decrease of 5.25 cts/lb, to 39.5 cts/lb. This represents a 12% decrease from May contract...

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