Market overview: Spot resin trading was swift last week, as polyethylene (PE) and polypropylene (PP) moved in opposite directions thanks to shifts in their respective spot monomer costs. Spot-trading platform, The Plastics Exchange (TPE), noted that material availability remained good, as PP sellers sought to liquidate excess supplies, and PE buyers worked to procure resin ahead of quickly escalating ethylene prices.
Energy markets: Volatility eased while April transitioned to the front month contract, according to TPE. April crude oil futures added $0.58/bbl to settle at $89.71/bbl on Friday. April natural gas futures shed another $0.071/mmBtu to end the week at $3.906/mmBtu. The crude oil: natural gas price ratio expanded to 22.9:1, just shy of record levels, and helping provide North American integrated PE producers with a tremendous cost advantage compared to most of their international counterparts....