US March ethylene CP settles at more than six-year high

Houston — The March US ethylene contract price settled 9 cents above the February CP, trade participants said April 1.

The settlement put the domestic February ethylene CP at 47 cents/lb, a more-than-six-year high, according to S&P Global Platts data. The domestic ethylene CP was last higher Oct. 3, 2014, at 50.50 cents/lb, Platts data showed.

The increase was in line with market expectations. Sources attributed high spot and contract prices to multiple severe weather-related cracker outages amid the deep freeze in the US Gulf Coast in February, coupled with strong downstream demand.

The March CP represents the fourth price increase after two consecutive falls, according to Platts data.