Commentary

Despite a spike in crude oil prices and low operating rates at Gulf Coast crackers hit by recent hurricanes, U.S. spot ethylene prices lost a penny last week, a testament to how weak demand is, sources say. Ethylene contract prices remain unsettled for August and September. Given the overall fall in upstream costs, double-digit reductions are expected, they say. Along with crude, spot naphtha in Europe bounced higher by $55/m.t., prodding spot olefins higher. Ethylene rose €40/m.t., while propylene inched out a gain of €10/m.t. There was no progress in...

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