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Spot ethylene on the U.S. Gulf Coast rose 5 cts/lb last week on news of producer operating problems. ChevronPhillips Chemical (CPChem) had to shut its Sweeney, TX complex on March 24 because of a compressor failure. CPChem planned to have the 650-million-lb/year unit back onstream by the end of March.
Spot propylene and butadiene were also trending higher, but transactions could not be confirmed. However, March settlements for propylene contracts were confirmed at increases of 2 cts/lb for both grades. Nominations for the April butadiene contract have been put on the table in the range of 8 cts-10 cts/lb. Equistar said it will take its 100-miliion-lbs/year butadiene plant at Corpus Christi, TX down for maintenance, further tightening supply.
Second-quarter ethylene contracts in Europe settled up 15(euro)/m.t. Propylene contracts bucked the overall trend higher in olefins and second-quarter contracts fell 18 [euro]/m.t. …