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US propylene contracts completely settle for February

HOUSTON, February 12, 2016 (PCW) -- US propylene contracts for February were completely settled Friday 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. Contracts began settling Thursday morning.

Spot February PGP traded twice at 27 cpp Thursday afternoon, the first February trades seen so far this month. January PGP ended last month trading at 28 cpp. Upstream, spot February refinery grade propylene prices were 17.5 cpp this week. Spot February propane prices were 36.125 cpg (an equivalent of 8.5 cpp) Friday morning.

Spot PGP's January weighted average was 29.067 cpp, compared with 29.569 cpp in December. RGP's weighted average price in January was 18.293 cpp, down slightly from 18.783 cpp in December. 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 was 15.75 cpp in August 2001.  -- Kathy Hall

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