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US July ethylene contract settling at decrease
HOUSTON, August 2, 2017 (PCW) – Certain parties settling monthly ethylene contracts have been confirmed to settled July at 29.25 cpp, representing a 1.25 cpp decrease from June. Not all parties have agreed to this price.
Contracts began 2017 at 33.5 cpp; a year ago, the July 2016 contract price was 30.25 cpp.
July spot ethylene ended the month at 20 cpp, trading in a range of 17-21 cpp during the month. The 30-day July ethylene calendar average was 19.513 cpp, down 4.294 cpp from June. The 30-day weighted average was 19.488 cpp for Texas, down 4.933 cpp from June, and 19.474 cpp for Texas and Louisiana combined, down 5.038 cpp. The 45-day weighted average for July ethylene was 20.764 cpp (basis Texas only), down 4.117 cpp from June, and 20.759 cpp for Texas and Louisiana combined, down 4.079 cpp.
In terms of cash costs, ethane-based costs in the Gulf region during July averaged 11.48 cpp, up up from 10.975 cpp in June. Propane-based costs in July averaged 20.823 cpp, up from 11.654 cpp in June.
Overall Gulf Coast operating rates for ethylene units were 97.7% in July, down from 98.5% in June. About 126 million pounds of ethylene output was lost during the month due to outages. -- Samantha Hartke