Market overview: The spot resin markets were "very quiet" during the holiday-shortened week, with few fresh offers for polyethylene (PE) or polypropylene (PP), as spot availability has dwindled into the year-end. Spot-trading platform The Plastics Exchange (TPE) reported that PE prices were steady, but PP continued its march upward, fed by "skyrocketing" monomer costs. December PP contracts finished $0.03/lb higher, tracking polymer-grade propylene (PGP), while PE's proposed December increase of $0.05/lb will likely be pushed off until January.
Energy markets moved higher last week, with February crude oil futures rallying $2.91/bbl to finish at $91.51/bbl on Thursday for their highest level in more than two years. February natural gas futures added $0.03/lb to end the week at $4.133/mmBtu, and the crude oil : natural gas price ratio expanded to more than 22:1.