Another ethylene cargo has been fixed to move from Europe to Venezuela, marking the fourth such fixture since September, sources reported Tuesday.
The price of the cargo, to be moved on the Happy Condor, is "below Eur900/mt ($1,232/mt) FOB Med," the sources added, although the size of the shipment and the seller could not immediately be confirmed.
European producers have resorted to exports in the face of slowing domestic demand and ample supply. They have also cut back cracker rates to 70-80% as a means of controlling inventories.
With demand outpacing supply, Europe -- a traditional net importer of ethylene -- became a net exporter late in the third quarter.
Maintenance work at the Houston terminal, which generally serves the Venezuelan ethylene market, helped create an export opportunity for European producers.
Prices in the Europe ethylene pipeline system were assessed at Eur925/mt FD NWE Monday, unchanged on the week.
Ethylene has been little affected by the recent rise in energy prices, sources said. Naphtha was assessed at $915.50/mt CIF NWE Monday, a rise of $15/mt on the week.
