Spot ethylene hits 14-month low in Asia, Europe despite crude rally
According to the weekly average data on ChemOrbis Price Wizard, spot ethylene prices on CFR Far East Asia basis have neared a 14-month low. Spot prices in South Korea and Southeast Asia also witnessed similar decreases as demand weakened following the shutdowns at downstream units across the region.
In Europe, ethylene contracts for October settled with an increase despite the ongoing bearish sentiment in the spot ethylene markets. The higher settlement was mostly attributed to the current run-up in naphtha prices.
Contrary to the monthly gain in the contract market, comfortable supplies across the region accelerated the downturn in spot ethylene, driving the weekly average of spot ethylene prices on FD NWE basis to an almost 14-month low both on the euro and USD terms.
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