NewsFlashUS Dec ethylene settles flat

03 January 2008 21:50  [Source: ICIS news]

HOUSTON (ICIS news)--US ethylene contracts for December were fully settled at 61.50 cents/lb ($1,356/tonne), unchanged from November, market sources said on Thursday.

Producers had initially nominated increases of 5-6 cents/lb for December, but buyers resisted the initiative amid a perception that upward pressure from feedstock costs had tapered off in December.

A surge in crude oil and feedstock prices in 2007 pushed US ethylene prices to record-breaking levels last year, as the monthly contract soared by nearly 50% from 41.50 cent/lb in December 2006.

US producers have nominated increases of 4-7 cents/lb for contracts in January, market sources said.

Chevron Phillips, Equistar, ExxonMobil, INEOS and Shell Chemicals are among the major producers of ethylene in the US.

Dow Chemical, Georgia Gulf, Occidental and Total are among the buyers.

 

By: William Lemos
+1 713 525 2653

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