European Olefins Prices Post Gains

Escalating tensions in the Mideast and continued signs of economic recovery in North America combined to drive petrochemical prices higher. Spot naphtha in northwest Europe rose a sharp $50/m.t. but olefins producers were unconcerned as they scored major increases in Feburary contract settlements. Ethylene was agreed higher by €99/m.t. while propylene was settled up by €90/m.t. The big gainer was butadiene, which was agreed at an increase of €235/m.t. Spot butadene rocketed higher by $400/m.t. while spot ethylene and propylene saw gains...

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