02 April 2012 18:48 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--US ethylene margins rose to a record 54.80 cents/lb ($1,208/tonne, €906/tonne) last week, lifted by a sharp increase in ethylene spot prices, the ICIS margin report showed on Monday.
Ethylene for April delivery traded on Friday at 75.00 cents/lb, the highest spot transaction recorded on the ICIS database, dating back to 1986.
The surge last week came amid news of a disruption at a cracker in
Market sources said Williams had an outage at its Geismar unit, adding that the 612,000 tonne/year cracker will be off line for at least two weeks.
Williams declared force majeure on ethylene and will restrict deliveries at 50%, sources said on the sidelines of the International Petrochemical Conference (IPC).
Also lending support to US margins in recent weeks is a softening in feedstock ethane prices.
Ethane ended Friday at 52 cents/gal, down from 78 cents/gal in the first week of January.
Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC lasts through Tuesday.
($1 = €0.75)
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