COMMENTARY

Price declines in global petrochemical markets were sizable over the past week, exceeding 20% in some cases, as economic uncertainty and fear of a worldwide recession kept buyers away. Spot ethylene plummeted 20 cts/lb, with several deals done last week for November, and 35 cts/lb for December delivery, sources say. The market is balanced, but sellers have an aggressive drive to discount and move volume, sources say. Three crackers are still down due to flooding after Hurricane Ike last month, and demand is weak. Polymer-grade propylene contracts settled 20...

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