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May ethylene contract begins to settle at increase
HOUSTON, June 1, 2017 (PCW) – Parties settling monthly contracts have been confirmed to have reached a May ethylene contract price of 33.25 cpp, representing a 1.25 cpp from April. Contracts began 2017 at 33.5 cpp; one year ago, the May 2016 contract price was 30 cpp.
May spot ethylene ended the month at 27 cpp, trading in a range of 25.75-30.5 cpp during the month. The 30-day May ethylene calendar average was 28.893 cpp, down 0.083 cpp from April. The 30-day weighted average was 29.154 cpp for Texas, up 0.077 cpp from April, and 29.008 cpp for Texas and Louisiana combined, down 0.068 cpp. The 45-day weighted average for May ethylene was 29.189 cpp (basis Texas only), up 0.202 cpp from April and 29.056 cpp for Texas and Louisiana combined, up 0.068 cpp.
In terms of cash costs, ethane-based costs in the Gulf region during May averaged 11.345, up from 10.782 cpp in April. Propane-based costs in May averaged 13.99 cpp, up from 12.821 cpp in April.
Overall Gulf Coast operating rates for ethylene units were 97.5% in May, compared with 96.3% in April. About 137 million pounds of ethylene output was lost during the month due to outages. -- Samantha Hartke