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European ethylene cracker margins fell to the lowest level since April

November 08/2011

(ICIS) -- Contract ethylene cracker margins based on naphtha feedstock have fallen to the lowest level since April on a combination of a lower November contract price, firmer naphtha prices and the strength of the US dollar against the euro, ICIS margin analysis showed on Monday. Contract margins fell by 30%, dropping ?162/tonne ($222/tonne) week-on-week because of a 4% rise in feedstock costs.

A slight rise in naphtha values was magnified by a 3% strengthening of the US dollar.
Spot margins fared a little better, supported by higher spot ethylene euro-based prices and co-product credits. However, spot margins remain significantly below contract margins, at a ?347/tonne disadvantage.

The November ethylene contract settled at ?1,095/tonne FD (free delivered) NWE (northwest Europe), down ?20/tonne from October.

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