Commentary

West Texas Intermediate crude oil slipped below the price of Brent crude last week, dropping nearly $5/bbl, to $42.07/bbl. Brent declined 63 cts/bbl, to $43.44/bbl. Spot naphtha in northwest Europe dropped $60/m.t. It is unlikely that petrochemical prices will find stability before feedstocks do, market watchers say. European spot olefins prices continue to fall. Propylene took a steep plunge, as spot polymer-grade propylene tumbled €400/m.t. and chemical-grade lost €350/m.t. Sellers were described as desperate to get volumes off the market, but storage...

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