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June US ethylene contract settling at decrease
HOUSTON, July 3, 2017 (PCW) –- Parties settling monthly contracts have been confirmed to have reached a June ethylene contract price of 30.5 cpp, representing a 2.75 cpp decrease from May. Contracts began 2017 at 33.5 cpp; a year ago, the June 2016 contract price was 30.25 cpp.
June spot ethylene ended the month at 21.125 cpp, trading in a range of 21.5-28 cpp during the month. The 30-day June ethylene calendar average was 23.807 cpp, down 5.176 cpp from May. The 30-day weighted average was 24.421 cpp for Texas, down 4.733 cpp from May, and 24.512 cpp for Texas and Louisiana combined, down 4.496 cpp. The 45-day weighted average for June ethylene was 24.881 cpp (basis Texas only), down 4.308 cpp from May, and 24.838 cpp for Texas and Louisiana combined, down 4.218 cpp.
In terms of cash costs, ethane-based costs in the Gulf region during June averaged 10.975 cpp, down from 11.345 cpp in May. Propane-based costs in June averaged 11.654 cpp, down from 13.99 cpp in May.
Overall Gulf Coast operating rates for ethylene units were 98.5% in June, up from 97.5% in May. About 80 million pounds of ethylene output was lost during the month due to outages. -- Samantha Hartke