Global petrochemical prices rise for the first time since March

Platts noted that despite the July increase, petrochemicals prices were still trading well below year-ago levels, off 13% from July 2011.

Global petrochemical prices climbed on rising energy prices. Brent crude oil prices rose 12% in July, once again piercing $100 per barrel mark, after falling below $90/barrel in June. Naphtha prices were also higher in July, with the Platts global naphtha index up 13% to $572/tonne.

Jim Foster, Platts senior editor of petrochemical analytics, said that in addition to rising energy prices, there were also some areas where short supply played a role. "Several traders had short positions in the global benzene market," Foster said in a release, "which had a greater impact on prices than crude values."

All seven components of the PGPI rose in July, with ethylene showing the largest gain, climbing 13% to $1069/tonne. Benzene had the second largest gain, climbing 11% to $1289/tonne. The smallest increase came in propylene, where prices edged up 1% to $1061/tonne.