European ethylene hit a 2014 high of Eur 1015/mt (US$1375/mt) FD NWE Friday, rising by Eur 45/mt on the week, amid reduced availability and an increase in feedstock prices, as per Platts.
Naphtha hit a 2014 high of US$959/mt CIF NWE Friday, as the energy complex rallied on geopolitical concerns. Dated Brent surged to a six-month high of US$112.845/b Friday, driven by its futures component in response to the worsening security situation in Iraq, one of the world's leading oil producers.
Ethylene prices have been rising steadily since a fire last week at Shell's Moerdijk site in the Netherlands curtailed available tons. Shell operates a 900,000 tpa steam cracker at the site, which was heard to be running at reduced rates following the fire. The restart of Ineos's ethylene oxide plant was expected to further tighten ethylene supply. Ineos's 450,000 tpa capacity Antwerp plant was set to fully start over the weekend. The plant began maintenance at the end of April. Ineos was not available to comment.
17-Jun-14 
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