Lower Crude Oil Prices Drag Down Feedstocks and Olefins

Petrochemicals continued irregular trading this week. Crude oil declined by about $1.50/bbl but players say that weak economic data—poor jobs data in the U.S. and renewed debt fears in Europe—took any steam out of the market. Spot naphtha in northwest Europe slumped by $20/m.t., while in the U.S. it was down about a penny. North American feedstocks were mostly in line with crude oil, trading lower. Ethane was stable, while propane lost a penny and butane fell about 4 cts/gal. U.S. spot olefins, meanwhile, were mixed. Spot ethylene was up about 2...

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