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US propylene contracts begin to settle for February

HOUSTON, February 11, 2016 (PCW) -- US propylene contracts for February began settling Thursday morning at 30 cpp for polymer grade and at 28.5 cpp for chemical grade, which is down 1.5 cpp from January monthly contracts.

Spot Feb PGP has not yet traded. Jan PGP ended last month trading at 28 cpp; Feb had been offered down to 27.375 cpp this week but no bids have been seen. Spot PGP's January weighted average was 29.067 cpp, compared with 29.569 cpp in December.

Upstream, spot Feb refinery grade propylene prices were 17.5 cpp this week. RGP's weighted average price in January was 18.293 cpp, down slightly from 18.783 cpp in December. Spot Feb propane prices were 35 cpg Thursday morning. Propane prices averaged 33.717 cpg (or 7.97 cpp) in January, compared with 38.744 cpg (9.16 cpp) in December.

The PGP contract price has been in the 30-33 cpp range since August 2015. Contracts hit their 2015 high in February at 50.5 cpp. PGP contracts have not been below 30 cpp since April 2009. The PGP contract's lowest price in the past decade was 20 cpp in December 2008. The PGP contract's all-time low is 15.75 cpp in August 2001.

To keep up with news and market trends throughout the day, see the PCW Midday Update by clicking here.

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