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Crude oil prices moderated last week, with Brent crude oil adding only $1.33/bbl and West Texas Intermediate tacking on 73 cts/bbl. Natural gas on the Henry Hub Index continued to fluctuate, tumbling more than 10% from 51 cts/million Btu to $3.53/million Btu.
There were modest gains among feedstocks in North America. ETHANE rose 4cts/ gal, PROPANE gained 3 cts/gal, and NAPHTHA added a penny. Spot ETHYLENE gained 0.5 cts/lb, while other olefins were steady.
Spot naphtha declined in Europe after several weeks of big gains. Prices slumped $20/m.t., taking some pressure off of thin margins, cracker operators say. However, spot ethylene rose an average of 20 [euro]/m.t. as it broadened its trading range. Other spot olefins were quiet, sources say. The last European contract price for June fell into place when BUTADIENE was agreed to at a modest 15 [euro]/m.t. increase. Monthly pricing has worked well and is likely to continue, sources say.…