Commentary

Crude oil dropped below the $50/bbl support level, sending most petrochemical prices lower after several weeks of relative stability. West Texas Intermediate slipped $2.83/bbl, to $47.04/bbl. Brent suffered a hit of almost $5/bbl, falling to $44.70/bbl. Natural gas on the Henry Hub was flat at $6.69/mBtu. Spot naphtha fell $65/m.t. in northwest Europe. Spot ethylene increased €20/m.t., mostly due to sharp cutbacks in production. Spot propylene was flat, but spot butadiene fell to $150/m.t. Sellers say derivatives demand is nonexistent, largely due to the...

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