Commentary

Renewed fighting in the Mideast and a natural gas dispute between Russia and its big European customers have driven energy prices higher in the first week of 2009. That situation, combined with new firmness by petrochemical sellers, yielded a mixed week of gains and losses in prices. West Texas Intermediate crude prices climbed a hefty $16.60/bbl, while Brent kept pace gaining $13.34/bbl. Natural gas on the Henry Hub index rose 45 cts/mBtu. European spot naphtha prices were higher by $85/m.t., and put pressure on olefins producers, though prices remained stable...

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