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US propylene contracts pressured by a drop in energy prices

August 15/2011

(ICIS) -- US propylene contracts for August began to settle flat on Friday, pressured by a drop in energy prices in the past two weeks.

US producers had originally sought a 3 cent/lb increase for the month, but buyers resisted the initiative and pushed for a rollover after crude oil prices started to falter. Market sources said that, except for one supplier, all settlement participants had agreed to the rollover.

The settlement keeps polymer-grade propylene (PGP) at 78 cents/lb (USD 1.720/tonne, EUR 1.204/tonne) and chemical-grade propylene at 76.50 cents/lb. US propylene contracts usually settle at the beginning of the month being negotiated.

Upstream, crude oil prices ended 1.7% down for the week for a monthly drop of around 10%.
Market activity this week centred on renewed jitters about the global economy, following the US credit downgrade by Standard & Poor's.

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