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August PGP contracts settle with increase
HOUSTON, August 19, 2016 (PCW) -- August propylene contracts fully settled Thursday at 37 cpp for PGP and at 35.5 cpp for CGP, representing a 3.5 cpp increase from July. Initial agreements were seen at this price on Wednesday.
The settlement brings August contract prices their highest level since June 2015, when they were 36.5 cpp for PGP and 35 cpp for CGP, but are below the June 2015 settlement prices of 40 cpp for PGP and 38.5 cpp for CGP.
Spot propylene prices have also risen this week. Sep PGP traded at 38.25 cpp on Tuesday and Aug spot PGP was bid up to 39 cpp on Thursday. Upstream RGP has traded up to 26.75 cpp this week for Aug pipeline delivery, while Sep RGP has been bid up to 27 cpp.
For the month-to-date, Aug PGP has averaged at 35.732 cpp on a calendar basis and 35.698 cpp on a weighted average basis. -- Kathy Hall
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