Spot resin trading was subdued again last week, with material availability increasing and prices that were mixed but mostly lower. Spot-trading platform, The Plastics Exchange (TPE), noted that spot demand has slowed as resin prices have soared, with many buyers, particularly those who have trouble passing along increases, limiting resin purchases to only what is needed. May price-increase nominations include a $0.05/lb boost for polyethylene and a polypropylene increase equal to the change in May polymer-grade propylene (PGP) contracts, which have initially risen $0.095/lb in May.
Energy prices rebounded slightly last week, with June crude oil futures recovering $2.47/bbl of the previous week's 15% loss to finish at $99.65/bbl. June natural gas futures regained just $0.011/mmBtu of its 10% drop to settle at $4.246/mmBtu on Friday. The crude oil : natural gas price ratio expanded back out to a very wide 23.5:1....