U.S. Freeze Chills Asian Plastic Makers as Feedstocks Soar
- Naphtha prices in steepest backwardation for more than a year
- Premiums for propane have jumped as LPG-loadings delayed
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The fallout from the Arctic blast that took out some of the biggest American refineries is being felt across the Pacific Ocean in Asia, where plastics makers are facing surging prices for key feedstocks.
The U.S. is a major supplier of naphtha and propane -- which are turned into petrochemicals used to make everything from medical masks to car interiors -- to Asia. While American refineries are slowly restarting, it looks set to be a messy process that could take several weeks.