Market overview: Spot resin trading was good last week, with average volume in material offerings and steady-to-higher prices supported by rising feedstock costs. Spot polyethylene prices mostly rose $0.01/lb as producers gained momentum in their bid to raise March contracts by $0.02/lb, according to spot-trading platform, The Plastics Exchange (TPE). If successful, this would complete the $0.05/lb increase originally proposed, with $0.03/lb already implemented in February. Spot polypropylene (PP) was steady after recovering half of the $0.10/lb decline seen during February. March PP contracts dropped $0.05/lb along with March polymer-grade propylene (PGP) contracts.
Energy markets continued to trade with heightened volatility, as futures contracts roll forward to May. May crude oil futures spent much of the week below $100/bbl, but rallied by Friday to finish at $101.85/bbl, down just $0.50/bbl for the week. May natural gas futures jumped $0.301/mmBtu, more than 7%, to end the week at $4.246/mmBtu. The crude oil : natural gas price ratio contracted to 23.9:1, which is roughly four times the 6:1 ratio considered parity....