04 March 2011 17:38 [Source: ICIS news]
LONDON (ICIS)--Prices of upstream petrochemicals have continued to surge as intensifying violence in ?xml:namespace>
April Brent was trading at $116.06/bbl at 17:00 GMT, up $1.27/bbl from the previous close as supply disruptions in
Tens of thousands of people have held protests across the country in their efforts to force Colonel Muammar Gaddafi to step down from power and reform
Security forces loyal to Gaddafi are reported to have fired tear gas and live ammunition at protesters in the capital of
Media reports also said that a Libyan warplane had attacked the rebel-held military base in the town of
A combination of high crude oil prices and a firmer crack spread have helped push European naphtha prices to $1,006-1,014/tonne. The rise took the average weekly price to $989.50/tonne CIF (cost, insurance and freight) NWE (northwest
On Monday this week, European March ethylene (C2) and propylene (C3) contract settlements were agreed up by €60/tonne ($83/tonne) and €80/tonne respectively because of higher upstream crude and naphtha prices, plus a tight supply-demand balance.
The violence was also causing tightness and firmer pricing in the European butane market, as upward pressure on naphtha values has been making butane a more attractive prospect for cracking in the petrochemical sector.
Meanwhile, the extremity of the violence was deterring ship owners from travelling around the region, particularly areas to the east which have been hit hardest by attacks from the Libyan government. No cargoes are thought to be loading or discharging at large petrochemical hubs, such as Marsa El Brega and Ras Lanuf, in the midst of the violence.
In related news, higher oil prices and fuel costs
Freight rates to southern Africa from
Additional reporting by Jo Pitches, James Dennis, Neha Popat, Mark Victory and Nel Weddle
($1 = €0.72)
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