INEOS restarting Chocolate Bayou cracker, rally in ethylene spot to get reined in?

INEOS has embarked on restarting one of its Chocolate Bayou crackers in Texas, which were downed by lightning on 1 November. Outage at this plant triggered a significant rally in ethylene spot prices, as per ICIS. With two steam crackers in Chocolate Bayou, INEOS has a combined ethylene capacity of 1.8 mln tpa. Olefins 1, with 907,000 tpa ethylene capacity is being restarted. The second cracker is unlikely to restart until mid-December. The outage at Chocolate Bayou triggered a 27% surge in US ethylene spot prices, which had already been rising as a result of planned and unplanned shutdowns at four other units in prior weeks. Ethylene for November soared to US$1146/ton after the INEOS shutdown, rising from a deal done at 41 cents/lb only a couple of days before the outages. Last week saw additional gains in ethylene on news of an extended outage at a Louisiana cracker. November ethylene traded as high as 53.50 cents/lb on 9 November, its highest level since the last week of April.
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