Spot ethane continued to climb, trading as high as 66 cents/gallon Monday morning. Since the beginning of October, spot ethane values have gained over 10 cents/gallon on strong demand.
November was seen offered at 42 cents/lb MtB Wms against bids at 40.50 cents/lb MtB Wms. The market was slightly backwardated from November into December with December offers at 40.50 cents/lb MtB Wms against bids at 39 cents/lb MtB Wms.
Mont Belvieu Williams (MtB-Wms) is the US delivery point.
One trade was confirmed at time of publication, a November deal done at 41 cents/lb MtB Wms. At that level, the spot ethylene price was roughly a penny above the 5 day moving average and 3.41 cents/lb above the 20 day moving average.
But the market was expected to improve in the near future as Sasol is scheduled to restart its 920 million lbs/year steam cracker at Lake Charles, Louisiana on November 10.
The plant was taken down for a planned turnaround in late September.
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