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US November ethylene contract agreements settle with decrease

HOUSTON, December 1, 2017 (PCW) – Parties settling monthly ethylene contracts have been confirmed to have reached agreement at 33.25 cpp for November, down 1.5 cpp from October.

Contracts began 2017 at 33.5 cpp. The monthly contract price high in 2017 was 35.75 cpp in Feb. One year ago, the November 2016 contract price was 30.25 cpp.

November spot ethylene traded in a range of 25.5-30.5 cpp for Texas and Louisiana combined; its 30-day weighted average was 27.299 cpp (down 1.814 cpp from October) and its 45-day weighted average was 27.338 cpp (down 3.089 cpp).

Steam cracker operating rates in the US Gulf Coast were at 90.1% in November, compared to 75.5% in October and 91.1% for the year-to-date. Several crackers shuttered during Hurricane Harvey, such as Chevron Phillips’ Cedar Bayou olefins plant, continued the restart process. Shell’s Deer Park olefins units, which began planned turnarounds in late Aug, were also restarting. Dow’s St Charles olefins units resumed normal operations during the month after planned maintenance. -- Samantha Hartke

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