March petrochemical prices rose 3% on moderate oil market gains
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 petrochemicals.
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.