COMMENTARY

Soaring crude oil prices are driving chemical feedstocks higher. Continuing geopolitical concerns in Iraq and Iran drove oil prices to hit the low-$90’s/bbl last week, analysts say. In Europe, naphtha prices hit a record high, up $45/m.t., causing pain downstream in olefins and especially in aromatics. U.S. olefins prices are rising in line with feedstock costs. The U.S. October ethylene contract settled up 5 cts/gal, and producers are said to be looking for another 9 cts/gal for November. Chemical-grade propylene contract prices rose 8 cts/gal for November...

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