01 August 2011 20:58 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene margins widened by 5% in the last week of July, after an increase in ethylene spot prices outpaced a rise in feedstock costs, the ICIS margin report said on Monday.
Ethylene margins jumped to 29.27 cents/lb ($645/tonne, €445/tonne) in the week ended 29 July, up from 27.84 cents/lb a week earlier, using ethane as a feedstock for the monomer.
The increase came as ethylene spot prices remained on an uptrend last week, rising in response to production issues at two Texas crackers and the likelihood of increased demand in the coming months as a result of scheduled cracker maintenance.
Ethylene for July traded at 62.00-63.50 cents/lb, compared with 59.50-61.50 cents/lb in the previous week, while August ethylene traded at 62.00-63.50 cents/lb, up from 59.00-61.00 cents/lb a week earlier.
Ethylene for August delivery traded flat on Monday at 63.50 cents/lb.
Ethane was also mostly flat as the feedstock was heard priced in a range of 83.50-86.00 cents/gal.
Mont Belvieu ethane ended Friday at 84 cents/gal, up by 2.4% from 82 cents/gal a week earlier.
($1 = €0.69)
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