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US June propylene contracts settle at a rollover
HOUSTON, June 13, 2017 (PCW)--US June propylene contracts have settled at 38.5 cpp for polymer grade and at 37 cpp for chemical grade, a rollover from last month. The drop in May contract pricing to below 40 cpp was the lowest price so far in 2017. Contracts began the year at 41.5 cpp for PGP and 40 cpp for CGP, and reached a high of 52 cpp (PGP) and 50.5 cpp (CGP) in March.
Spot PGP has traded in a range of 37-37.75 cpp this month. During May, spot PGP traded in a range of 35.5-37 cpp.
The month-to-date 30-day June weighted average for PGP was 37.195 cpp as of Tuesday, up just 0.869 from May. The month-to-date 45-day June weighted average for PGP was 36.865 cpp, down -0.012 cpp from May.
On the feedstock side, spot refinery grade propylene (used to feed PGP and CGP splitters) was about 24 cpp, flat to where it was in May. Spot propane (used to feed PDH units), was averaging around 60 cpg so far this month (or the equivalent of 14.18 cpp), compared with 64 cpg (15.13 cpp) in May. -- Kathy Hall