Spot polyethylene (PE) prices were steady to down a penny and polypropylene (PP) prices eroded another $0.04/lb, as spot resin trading slowed a bit last week. Spot-trading platform, The Plastics Exchange (TPE) noted that the market remained under pressure and offers accumulated amid lackluster demand. Resin contracts are settling lower, with PP buyers on average paying $0.14/lb less for branded prime purchases in October, while PE market participants are still sparring regarding the price break for October. Initial indications are that it will be somewhere between $0.03 - $0.05/lb.
Energy markets were mixed and front month futures contracts rolled to December. Crude Oil futures continued their recent winning ways, rallying $0.40/bbl to end the week at $87.840bbl. December natural gas futures eased $0.074/mmBtu, to settle at $3.629/mmBtu on Friday. The crude oil : natural gas price ratio expanded back out to 24:1, much to the benefit of North American integrated PE producers compared to their international counterparts....