US Gulf Coast spot ethylene prices reached new highs Aug. 24 as they react to nearing storms in the Gulf Coast, sources said.
The US spot Mont Belvieu ethylene price posted an eight-month high as August ethylene rose 2 cents on the day, S&P Global Platts data showed.
Spot Mont Belvieu ethylene was assessed at 22.25 cents/lb, its highest level since Dec. 3, 2019, when it was assessed at 23 cents/lb, according to Platts data.
The spot assessment has recovered more than 178%, or 14.25 cents/lb, since posting a 16-year low of 8 cents/lb on Apr. 3 amid demand destruction caused by the coronavirus pandemic.
Spot Choctaw ethylene was 3 cents higher on the day at 21 cents/lb, the highest since Platts began the assessment on Mar. 2.
The spot assessment has recovered nearly 190%, or 13.75 cents, from the lowest level since Platts started assessing it, and the lowest-ever price recalled by sources at 7.25 cents/lb on Apr. 7.
The new highs come as many crackers were already shut for maintenance and outages and more are shutting down ahead of Tropical Storm Laura, sources said.
Motiva and Indorama announced plans to shut down crackers on Aug. 24 ahead of impending storms in the Gulf Coast.
