From PetroChem Wire . . . .
PetroChem Wire's Daily Wire provides closing prices and a summary of the day's trading activity for US ethylene, proylene, polymers and upstream NGLs markets. Begun in 2007, its olefins and polyolefins prices serve as benchmarks for a number of physical and swap contracts that trade on the CME/NYMEX Clearport system.
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US propylene contract prices fall for fourth consecutive month
HOUSTON, February 26, 2019 (PCW) -- US monthly propylene contracts settled for many parties on Tuesday at a 1.5 cpp decrease from Jan, bringing the polymer grade propylene price to 38.5 cpp and the chemical grade propylene price to 37 cpp. Propylene contracts have been dropping each month since Oct 2018, when they were 60 cpp for PGP and 58.5 cpp for CGP. Contract prices were last at current levels in May 2017.
Spot Feb PGP prices have steadily fallen this month from 37.5 cpp on Feb 1 to 31.5 cpp on Feb 26. The month-to-date 30-day weighted average PGP price was 35.888 cpp, down 1.654 cpp from the Jan average. The MTD 45-day weighted average was 36.551 cpp, down 0.991 cpp from Jan.
Upstream, spot RGP prices have also retreated this month, moving from 24.5 cpp to 20 cpp. Propane prices have been range-bound, starting the month at nearly 70 cpg (16.5 cpp), dropping to the low 60s cpg (14.75 cpp) by mid-month and rising again to about 70 cpg this week. -- Kathy Hall