COMMENTARY

Crude oil prices dropped sharply last week, as high costs have pinched consumption in the fuels markets. Lower prices upstream stalled spot ethylene prices after nine weeks of steady increases. June contract talks are ongoing, with at least one deal heard at an increase of 5 cts/lb, while other suppliers are holding out for more of an increase to save margins. Propylene spot prices gained 2 cts-3 cts/lb on continued tightening of supply. Spot naphtha in Europe fell for the first time in many weeks, dropping $50/m.t. Olefins makers had already secured a handsome...

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