10 April 2012 23:08 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene prices plummeted by 10% on Tuesday, pressured by the restart of one and possibly two US crackers, market sources said.
Ethylene for April traded as low as 68 cents/lb ($1,499/tonne, €1,139/tonne) for delivery on the Williams system, down from a deal done at a record 75.125 cents/lb last week.
Market sources said the slump came as Williams restarted its Geismar cracker in Louisiana over the weekend, following an unplanned outage at the end of March.
A Williams spokesperson did not immediately respond to a request for confirmation.
Talk was also heard that ExxonMobil was restarting its Baytown 1 cracker in Texas.
The 1m tonne/year cracker has been off line since 1 February for a two-month turnaround.
An ExxonMobil spokesperson said the unit remained in maintenance activity on Tuesday.
The spokesperson declined to comment on a timeframe for the restart.
($1 = €0.76)
Follow William on Twitter
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|