Platts propylene contract price indicator was assessed at Eur667/mt for August, down from July's value of Eur670/mt, following the fall in naphtha.
The ethylene indicator was assessed at a rollover of Eur945/mt.
Ethylene and propylene settled contract prices have been continuously increasing since March, buoyed by increases in naphtha.
Platts publishes ethylene and propylene indicators, which the gross contract price for the month ahead,on a daily basis.
The independent variables used in the rolling regression model are spot prices for naphtha, ethylene, propylene and benzene. The naphtha coefficient in the model is most significant compared with other variables.
The outright CIF NWE naphtha market was assessed at $391.25/mt Thursday from $418.25/mt on July 1.
A closed arbitrage to Asia also provided bearishness, with more Mediterranean barrels heard moving to Northwest Europe. The arbitrage was closed due to oversupply in Asia, compounded by low demand for naphtha as a petrochemical feedstock due to maintenance at key steam crackers in the region. Reduced blending demand and more ample supply in the Amsterdam-Rotterdam-Antwerp area continued to pressure values, sources said.
The ethylene market has recently been very quiet, amid flat derivative offtake, sources said. Spot prices were assessed Thursday at Eur917/mt FD NWE, at a discount of 3% to the July ethylene industry CP.
