Prices in the
$3-trillion-plus global petrochemicals market rose 3% in March to $1,445 per
metric ton, according to the just-released monthly average of the Platts Global
Petrochemical Index (PGPI), a benchmark basket of seven widely used
While March marks the
third consecutive month of gains in the PGPI, the increase seen in March was
relatively small compared to the 10% jump in February prices. The February PGPI
average was $1,401 per metric ton, up from $1,270 per metric ton in January.
The PGPI increase seen in
March was supported by moderate gains in global crude oil markets. Brent crude
oil prices during the month climbed 5% to $124.50 per barrel, while West Texas
Intermediate crude prices rose 4% to $106 per barrel.