TPE resin prices, Nov. 5-9: PE steady, penny lower; PP down $0.005/lb; Sandy impacts market

11/15/2012

An above-average flow of material was met by more willing buyers last week in the resin spot-trading market, with widespec pricing slipping further on more aggressive offerings. Spot-trading platform The Plastics Exchange (TPE) noted that some "storm soaked material" began to crop up in the market in the aftermath of super storm Sandy. Spot exports to regions outside Latin America remain challenging, according to TPE. Producers have nominated a $0.05/lb increase for November polyethylene contracts, while seeking as much as $0.07/lb for polypropylene (PP).

Energy markets finished mixed after what TPE CEO Michael Greenberg called "an interesting week of trading." December crude oil jumped $3/bbl, reaching above $89/bbl ahead of the U.S. presidential election, before plummeting $5/bbl in its aftermath. Crude then rallied a couple dollars last Friday to settle at $86.07, a net gain of $1.23/bbl. December natural gas was more subdued, bouncing between $3.50-$3.60/mmBtu before ending the week on the low-end at $3.503/mmBtu, for a loss of about a nickel. The crude oil : natural gas ratio expanded slightly to 24.5:1, about four times the 6:1 level considered parity....
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