18 November 2013 13:27 [Source: ICIS news]
LONDON (ICIS)--European contract cracker margins based on LPG (liquefied petroleum gas) feedstock have fallen by 31%, losing the advantage over naphtha feedstock for the first time since early August, according to ICIS margin analysis on Monday.
European contract cracker margins based on naphtha feedstock were up slightly as a 0.9% boost in co-product credits outweighed a 0.3% rise in naphtha costs. Co-product credits rose on higher pygas (pyrolysis gasoline) and raffinate 1 values. An $11/tonne rise in naphtha costs was largely eliminated by a 1% weakening of the dollar.
The naphtha contract margin is showing a €56/tonne premium over that of LPG.
Spot margins based on naphtha feedstock fell by €17/tonne. Spot dollar-based ethylene prices were slighly weaker but combined with the weaker dollar, this reduced ethylene’s euro-based value by 1.4%. Co-product credits were flat.
($1 = €0.74)
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