Negotiations underway for more Dec ethylene, propylene settlements
by ChemOrbis Editorial Team - content@chemorbis.com
Following the initial settlements of ethylene and propylene for December contracts with €45/ton decreases in Europe, players in the region reported that negotiations are still underway for the rest of the market. This is attributed to recent changes in the upstream market after energy prices moved higher.
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.
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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high
- China’s PE market continues bearish run on sluggish demand
- PP and PE markets turn softer in Egypt, Mid-East
- European PET extends bearish trend into 3rd consecutive month
- European PS, ABS markets down after 4 months
- Thai PP, PE markets subdued by slowing economy, competitive imports
- Vietnam’s PE market extends losses into June on frail demand
- Asian spot naphtha prices pull back from multi-month highs
- China gears up for new PP start-ups in H2 2019
