09 December 2013 15:51 [Source: ICIS news]
LONDON (ICIS)--European contract cracker margins based on naphtha feedstock have risen for the second consecutive week, up by about 33% on the back of the higher ethylene contract settlement for December and a 3% contribution from co-products, according to ICIS analysis on Monday.
In the week ending 6 December, naphtha prices firmed by $6/tonne (€4/tonne) but this was offset by a 0.6% weakening of the dollar.
Spot margins returned to positive values following gains in ethylene spot prices and a rise in co-product credits of 2%.
Cracker margins based on liquefied petroleum gas (LPG) grew by €31/tonne despite a rise in euro-denominated feedstock costs of 1.1%. The margin growth was also due to the higher ethylene contract price settlement and 2.6% higher co-product credits.
($1 = €0.73)
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