15 April 2013 14:08 [Source: ICIS news]
LONDON (ICIS)--European ethylene contract margins based on naphtha have soared by €100/tonne ($132/tonne) in week ending 12 April, reaching a high last seen in June 2012, on the back of softer feedstock naphtha costs and exchange rate relief, according to ICIS margin analysis on Monday.
In week ending 12 April, euro-based feedstock costs fell by 6.1% on a combination of naphtha prices falling by nearly $50/tonne and a 0.5% weakening of the dollar versus the euro.
The margin rise, however, was held back to some extent by a 1.9% fall in co-product credits because of lower raffinate-1 and pyrolysis gas (pygas) values.
Similar to ethylene contract margins (based on naphtha), ethylene spot margins have also gained ground in week ending 12 April – rising by €80/tonne on lower feedstock costs, but were held back by a $25/tonne fall in spot ethylene prices. Co-product credits fell by 1.6%.
Ethylene contract margins based on liquified petroleuem gas (LPG) have also moved up in week ending 12 April. They rose by €53/tonne, benefitting from feedstock cost relief.
Similar to naphtha based ethylene margins, LPG margins have also risen to their highest point since June 2012, but naphtha margins still hold the advantage and are €52/tonne above LPG-based margins.
($1 = €0.76)
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