Initial Europe June ethylene falls €45/tonne to €1,185/tonne

24 May 2011 13:45  [Source: ICIS news]

LONDON (ICIS)--Three initial European ethylene (C2) contract price settlements for June have been agreed at €1,185/tonne ($1,669/tonne), down €45/tonne from May, because of softer upstream crude oil and naphtha prices, a major producer said on Tuesday.

The decrease, which was in line with market expectations, snapped the seven-month run of rising ethylene prices.

The contract settles on a free delivered (FD) northwest Europe (NWE) basis.

Confirmation from two out of the three consumers involved in the agreements is still pending.

($1 = €0.71)

For more on ethylene visit ICIS chemical intelligence

By: Nel Weddle
+44 20 8652 3214

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