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US May propylene contracts settle with increase
HOUSTON, May 31, 2018 (PCW) –- Many parties have fully settled May propylene contracts at 51 cpp for PGP and 49.5 cpp for CGP, representing a 5 cpp increase from Apr. One large consumer was not in agreement with this settlement, however, and it was therefore not considered to be completely marketwide by all parties.
Spot PGP for May delivery traded in a range of 44.5-59 cpp, compared to a range of 43.25-44.75 cpp in April. The 30-day weighted average for May PGP was 52.183 cpp for MtB-EPC only and 50.753 cpp for all Texas delivery, compared with 43.837 cpp (MtB-EPC) and 43.631 cpp (all TX) in April. The MTD 45-day weighted average for May PGP was 51.222 cpp (MtB-EPC) and 50.114 cpp (all TX), compared with 43.496 cpp (MtB-EPC) and 43.347 cpp (all Texas) in April.
On the feedstock side, spot refinery grade propylene stayed in a tight range of 38-39 cpp on a delivered pipeline basis during May, compared with 30-33.5 cpp in Apr. May rGP for railcar delivery traded as high as 42.25 cpp. Spot propane (used to feed PDH units), averaged 91.42 cpg (21.612 cpp) in May, compared with 82.298 cpg (19.456 cpp) in April.