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US Feb propylene contracts settle at two-year high
Houston, February 23, 2017 (PCW)--US February propylene contracts fully settled Thursday morning at 48 cpp for polymer grade and at 46.5 cpp for chemical grade, a 6.5 cpp increase from January.
The increase is the second consecutive one, as contract prices hit 31.5 cpp in December and picked up 10 cpp in January. The last time contracts were near this month's price was in March 2015, when PGP was 49 cpp and CGP was 47.5 cpp. At that time, spot PGP was trading in the 45-46 cpp range.
So far this month, spot PGP has traded up to 49 cpp for February delivery and 50.25 cpp for March delivery. The month-to-date February weighted average for PGP was 45.989 cpp as of Wednesday morning, compared with 42.598 cpp in January.
On the feedstock side, spot refinery grade propylene (used to feed PGP and CGP splitters) has traded up to 40 cpp so far this month, significantly higher from its range of 20.75-23.75 cpp in January. Spot propane (used to feed PDH units) has seen its price sharply decline during February, trading down from 93.75 cpg (or an equivalent of 22.16 cpp) at the start of the month to 65.75 cpg (15.54 cpp) this week. -- Kathy Hall