At several points over the last 40 years, ethylene co-products have been so valuable relative to feedstocks that ethylene has been free - US propane prices have been close to creating it, but integrated China has as well.
The North American/Middle East cost advantage goes away if co-product values in other regions or integrated feedstock calculations can subsidize ethylene production from heavier feeds – crude to chemicals could do that.
Current ethylene weakness in the US reflects the oversupply that has been on the cards for a while, delayed because of unplanned outages, turnarounds, and hurricane fears - we do . . .
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