The European ethylene contract price for July was fully settled Thursday at Eur1,220/mt ($1,661/mt) FD NWE, up Eur50/mt on the month.
The initial settlement was between buyer Clariant and producer BASF.
This was followed by BP Refining and Petrochemicals with buyers Clariant and Celanese. All parties except BPRP confirmed.
The hike came on the back of the rising energy complex, which was triggered by geopolitical tensions in Iraq this month. Naphtha has averaged $950/mt CIF NWE in June, compared with $938/mt the month before. Naphtha touched a 2014 high of $974.75/mt CIF NWE on June 20.
Sources said they expected a similar increase for fellow olefin propylene, which was yet to settle. The propylene June contract price was at Eur1,160/mt FD NWE.
