July ethylene deals were heard concluded in early trading at 58.25 cents/lb Mont Belvieu Williams pipeline basis, climbing to 59 cents/lb MtB Wms and finally twice at 60 cents/lb MtB Wms. August deals were heard concluded 59.87 cents/lb MtB Wms.
Spot ethylene was last assessed above 60 cents/lb on May 15, 2013, according to Platts data.
US spot ethylene prices Tuesday rose to levels not seen in more than a year after a late-Monday fire forced a shutdown at Chevron Phillips Chemical’s Port Arthur, Texas, facility.
Multiple market sources on Tuesday said the Chevron Phillips Chemical flash fire, which reportedly injured two workers Monday night, had resulted in the 830,000 mt/year steam cracker at the company’s Port Arthur facility to be shut. It was unclear what impact the fire might have on ethylene production or how long the shutdown could last.