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US April, May ethylene contract agreements settle with decrease
HOUSTON, June 4, 2018 (PCW) –- Certain parties settling monthly ethylene contracts have been confirmed to have reached agreement at 26.75 cpp for April (down 1.5 cpp), and 26 cpp for May (down 0.75 cpp). Not all parties have agreed to this price. Contracts typically settle retroactively for the previous month during the few days of the next month. Parties could not reach agreement for April last month and had postponed negotiations at that time until early June.
One year ago, the May 2017 contract price was 33.25 cpp. Contract prices in 2017 ranged from a low of 29.25 cpp (July) to a high of 35.75 cpp (February). So far in 2018, contract prices have range from 26 cpp (May) to 32.75 cpp (January).
April spot ethylene traded in a range of 13-17.625 cpp for Texas and Louisiana combined. The April 30-day weighted average was 15.418 cpp and the 45-day weighted average was 15.821 cpp. May spot ethylene traded in a range of 12-15875 cpp for Texas and Louisiana combined. The May 30-day weighted average was 13.823 cpp and the 45-day weighted average was 14.37 cpp.
Maximum steam cracker operating rates in the US Gulf Coast were 95-96% in during April and 92-93% during May. -- Kathy Hall