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UPDATE: US ethylene contracts fully settle for February
HOUSTON, March 2, 2016 (PCW) -- Final marketwide consensus was confirmed Wednesday morning for US ethylene contracts at 25.75 cpp, up 1 cpp from January monthly contracts. The contracts began settling at this level on Tuesday.
No new spot trades were seen yet on Wednesday (9 am Central Time). March ethylene was bid at 23 cpp and offered at 24.5 cpp. Spot ethylene was active Tuesday, with March trading 11 times at 23.5 cpp basis Mt B-Wms and once at 24 cpp basis Mt B-Other.
Spot ethylene’s weighted average in Feb was 19.5 cpp, 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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