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July 31 news The U.
S.
July propylene contract settlement price rose 6 cents per pound from June, as the spot price rose to a one-year high due to ongoing production problems
.
July PGP futures are at 29.
5-39.
0 cents/lb, compared with 21.
5-28.
0 cents/lb in June
.
In addition, co-production of propylene has also decreased as ethane accounts for a larger share of the U.
S.
steam cracking feedstock than ever before and is not expected to falter as heating demand for propane and butane increases during the colder months
.
Cracking ethane produces ethylene and limited by-products, while cracking propane, butane and other higher molecular weight feedstocks produces propylene and other chemicals
.
In addition, as low gasoline demand and persistently low U.
S.
refinery utilization have resulted in lower refinery-grade propylene (RGP) production, a splitter unit can be used to upgrade RGP to PGP
.
Although U.
S.
propylene supply faces some short-to-medium-term production constraints, it may be sufficient to meet a slow recovery in demand in the second half of 2020
.
A slowing global economy could mean weaker demand for propylene and its derivatives for the rest of the year, which could weaken further if coronavirus cases continue to surge
.
The main export of propylene is as a feedstock for polypropylene (PP)
.
Major U.
S.
propylene producers include Chevron Phillips Chemical, Enterprise Products, Exxon Mobil, Hill Resources and Shell Chemical
.
