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US Dec ethylene contract agreements settle with decrease
HOUSTON, January 2, 2018 (PCW) – Parties settling monthly ethylene contracts have been confirmed to have reached agreement at 32.5 cpp for December, down 0.75 cpp from November.
Contracts began 2017 at 33.5 cpp. The monthly contract price high in 2017 was 35.75 cpp in Feb. One year ago, the December 2016 contract price was 32.25 cpp.
December spot ethylene traded in a range of 26.75-29 cpp for Texas and Louisiana combined; its 30-day weighted average was 27.703 cpp (up 0.603 cpp from November) and its 45-day weighted average was 27.657 cpp (up 0.452 cpp).
Steam cracker operating rates in the US Gulf Coast were at 87.5% in December, compared to 90.1% in November and 92.2% 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. Formosa’s Olefins 1 unit at Point Comfort shut down unexpectedly during the month due to a fire. -- Samantha Hartke