Commentary

Hurricane Ike did little damage to U.S. Gulf production, however, it did send oil prices lower. Meanwhile, pre-storm plant closings, post-storm power outages, and personnel displacements limited petrochemical production, sending spot prices higher. U.S. spot ethylene prices gained 6 cts/lb, ending several weeks of downward movement. August ethylene contract negotiations were interrupted by Ike. Declines in feedstock prices make decreases likely, although shutdowns from Ike may limit the magnitude of the decline, sources say. Spot propylene prices fell another...

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