Negotiations underway for more Dec ethylene, propylene settlements
A West European producer said that they are still negotiating on the December ethylene contract as a buyer. “Sellers are now trying to limit the size of the decrease up to €30/ton upon the recent developments; however, we still aim to finalize the deal with the same size of decrease achieved in the first settlement,” a producer source said.
Crude oil markets have been rather volatile in the past few weeks upon OPEC’s decision to try to limit oil output, which finally came to a conclusion at their Vienna meeting yesterday. Having fallen by almost $2/bbl on Tuesday, January ICE Brent futures surged $4.09/bbl to expire on Wednesday at $50.47 a barrel. Brent for February settlement was much higher at $52.33 a barrel.
Spot naphtha prices in Europe, accordingly, jumped $26/ton on the same day to be reported at $435-440/ton CIF NWE.
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