Plastics spot prices were mostly lower, although some grades held steady, as the market experienced a very busy month-end. Spot-trading platform, The Plastics Exchange (TPE), said that offers came in waves and by the end of last week, large volumes of surplus material had been cleared through the market. February polyethylene contracts remained unsettled industry wide, with some but not all producers pushing off a proposed $0.04/lb increase until March. Polypropylene contracts moved $0.06/lb higher in February, but spot resin prices fell sharply last week and into negative territory for the month. March PP contracts will likely give back the entire February increase, perhaps a tad more.
Energy markets again moved in opposite directions maintaining their recent trends. April crude oil futures shed another $2.45/bbl to finish at $90.68/bbl; its lowest close since late December. April natural gas futures continued to rise, adding another $0.107/mmbtu to settle at $3.456/mmBtu on Friday. The crude oil: natural gas ratio contracted further to 26:1. ...