Olefins Prices Slip Lower in U.S. and Europe

Continued weakness in crude oil and the growing financial crisis in Europe caused petrochemical markets to plunge for another week. North American butane was unchanged, while ethane lost a penny. Propane fell about 4 cts/gal. Among spot olefins, spot ethylene was down by about 1.75 cts/lb, while both grades of spot propylene eased lower by about 10 cts/lb. Spot butadiene continued to slide, losing about 1 ct/lb, week-on-week. Spot naphtha in northwest Europe was off $20/m.t. setting the tone for spot olefins. Ethylene and polymer-grade propylene tumbled...

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