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US February propylene contracts settle with decrease
HOUSTON, February 20, 2017 (PCW) –- Parties settling US February propylene contracts have agreed to a decrease of 6 cpp, bringing polymer grade to 53 cpp and chemical grade to 51.5 cpp.
Spot PGP for February delivery has traded in a range of 45.25-50 cpp so far this month, compared to a range of 57-68.5 cpp in January. The MTD 30-day February weighted average for PGP so far this month is 47.625 cpp, down 15.993 cpp from January. The MTD 45-day February weighted average for PGP was 58.917 cpp, down 4.641 cpp from Jan.
On the feedstock side, spot refinery grade propylene (used to feed PGP and CGP splitters) has traded in a range of 30.5-31 cpp (delivered pipeline basis) so far this month, compared to 37-40 cpp in January.
Spot propane (used to feed PDH units), averaged 81.729 cpg so far this month (the equivalent of 19.32 cpp) compared to 89.982 (20.83 cpp) in January.
PGP supply loosened somewhat as Flint Hills’ PDH unit resumed normal operations and Enterprise Products Partners’ new PDH was ramping up to full rates and already selling PGP to the market. Dow’s PDH plant, however, remained down. -- Samantha Hartke