Global petrochemical prices follow crude oilStaff writer ▼ | August 17, 2015
Prices in the $3-trillion-plus global petrochemicals market fell for the first time in five months in July, following the decline in the energy complex, according to the Platts Global Petrochemical Index (PGPI).
Platts Global Petrochemical Index
The PGPI is a benchmark basket of seven widely used petrochemicals and is published by Platts.
On average, crude oil prices were down $6 per barrel in July from June, a drop of 9%. Naphtha prices were down 52 cents/gal, or 14%. Olefins prices tend to track naphtha prices since naphtha is the most widely used cracker feedstock worldwide.
Petrochemicals are used to make plastic, rubber, nylon and other consumer products and are utilized in manufacturing, construction, pharmaceuticals, aviation, electronics and nearly every commercial industry. ■