Spot ethylene for December and January fell to 38.25¢/lb, the lowest level since October 2010, in rapid trading as US ethylene consumption continued to weaken and overseas competition in the derivatives markets strengthens, as per argusmedia.com.
Polyethylene production tumbled in November to the lowest level since February according to data from the American Chemistry Council. Year-to-date production in October totaled 62bn lbs, down 2.5% from the first 10 months of 2013. Additionally, ethylene supply has improved from several Gulf coast cracker restarts. Formosa's cracker at Point Comfort, Texas, is restarting over the weekend. Chevron Phillips Chemical is in the process of restarting ethylene unit 22 in Sweeny, Texas, and expects it to reach normal operations later this week. Williams is expecting its cracker in Geismar, Louisiana, to resume operations by the end of the year.
16-Dec-14 
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