COMMENTARY

Crude oil prices continued to move in a narrow range last week, with similar movements in steam-cracker feeds and aromatics. Spot naphtha in Europe shed $5/m.t., while feedstocks in the U.S. gave up a few pennies per gallon, buyers say. U.S. Gulf Coast spot ethylene shed a penny, but propylene inched higher by about the same amount. Supply tightness and a strong derivative market in polymers and cumene have helped propylene. Both ethylene and propylene contract prices are expected to roll over in March as parts of separate two-month contract negotiations...

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