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US ethylene contracts settle for February
HOUSTON, March 1, 2016 (PCW) -- US ethylene contracts for February began settling Tuesday afternoon at 25.75 cpp, which is up 1 cpp from January monthly contracts. Multiple agreements were seen at this price but a final marketwide consensus, while expected, was not yet heard.
Spot ethylene was active Tuesday, with March alone trading 11 times at 23.5 cpp basis Mt B-Wms and once at 24 cpp basis Mt B-Other. Mar also traded three times at the PCW index. Spot ethylene’s weighted average in Feb was 19.5 cpp based on more than 160 mm lbs of volume traded during the month.
The Feb weighted average was up 1.8 cpp from the Jan weighted average. Feedstock costs were flat to higher during Feb, with ethane at 14.6 cpg (4.9 cpp) and propane at 37.5 cpg (8.8 cpp), compared with 15 cpg (5 cpp) and 33.7 cpg (7.9 cpp) in Jan.
The Feb contract price of 25.75 cpp erases the 1 cpp decrease seen in Jan and returns the contract to its Dec 2015 price. Ethylene contract prices during 2015 fell from 35.25 cpp to 25.75 cpp and averaged 31.6 cpp for the year. -- Kathy Hall
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