03 December 2012 23:29 [Source: ICIS news]
Ethylene spot margins were assessed at 42.57 cents/lb ($938/tonne, €722/tonne), using ethane as a feedstock, up from 41.71 cents/lb a week earlier.
The increase resulted from a drop in ethane prices, which ended last week at 26 cents/gal, down by 7% from 28 cents/gal a week earlier, on supply pressure and weaker demand.
A 0.8% rise in co-product credits also lent support to ethylene margins last week, but gains were limited by a small drop in ethylene spot prices, the report showed.
US ethylene for November delivery traded last week at 50.750-51.375 cents/lb, down on average by 0.1% from 51.000-51.250 cents/lb in the week ended 23 November.
December ethylene was bid on Monday at 50.000 cents/lb against an offer at 50.625 cents/lb.
Meanwhile, ethane prices were steady at 26 cents/gal.
US ethylene margins for November fell on average by 3% compared with October, but margins have averaged 43.63 cents/lb so far in 2012, up by nearly 60% from an average 27.47 cents/lb in 2011.
($1 = €0.77)
Follow William on https://twitter.com/ICIS_William
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections