US spot PGP hits 5-month high on conflict, feedstocks
- Date: 25-Feb-2022
- Source: Argus Media
- Sector:Financial Markets
- Country:Gulf
US spot PGP hits 5-month high on conflict, feedstocks
Houston, 25 February (Argus) — February spot US polymer-grade propylene (PGP) jumped 5.75¢/lb to trade at 72¢/lb yesterday as Russia launched its invasion of Ukraine.
Supply tightness continues to underpin the gains in prices, but the crude and natural gas price increases related to the tensions between Russia and Ukraine pushed PGP prices up by 27pc since the start of the month, surging by 8.7pc yesterday.
US propane/PGP stocks fell by 3.9mn last week to 38mn bl, according to the latest data from the US Energy Information Agency (EIA). This was the lowest US propane/PGP inventory levels in four years.
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