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April ethylene contract begins to settle at increase
HOUSTON, May 2, 2017 (PCW) – Parties settling monthly contracts have been confirmed to have reached an April ethylene contract price of 32 cpp, representing a 2 cpp increase from March. Contracts began 2017 at 33.5 cpp; one year ago, the April 2016 contract price was 30.5 cpp.
April spot ethylene ended the month at 28.5 cpp, trading in a range of 27.25-30.25 cpp during the month. The 30-day April ethylene calendar average was 29.066 cpp, up 1.539 cpp from March. The 30-day weighted average was 29.077 cpp for Texas, up 1.329 cpp from March, and 29.076 cpp for Texas and Louisiana combined, up 1.297 cpp. The 45-day weighted average for April ethylene was 28.987 cpp (basis Texas only), up 0.953 cpp from March and 28.988 cpp for Texas and Louisiana combined, up 0.901 cpp.
In terms of cash costs, ethane-based costs in the Gulf region during April averaged 10.782 cpp, up from 9.279 cpp in March. Propane-based costs in April averaged 12.821 cpp, up from 3.708 cpp in March.
Overall Gulf Coast operating rates for ethylene units were 96.3% in April, compared with 93.3% in March. About 192 million pounds of ethylene output was lost during the month due to outages. -- Kathy Hall