Benzene prices in the US approached the 400 cents/gal FOB USG price level Tuesday morning as crude prices raced toward $100/barrel. Bids for March benzene were heard at 397 cents/gal USG on Tuesday, with offers at 403
cents/gal USG. The March FOB price on Friday was assessed at 388 cents/gal.
Market sources said climbing crude was the primary price driver Tuesday morning. The March NYMEX crude contract traded as high as $98.50/barrel Tuesday morning, up as much as $3.
"OPEC said it might cut crude in the second quarter, so prices went up," a
trading source said Tuesday. "That's the only reason I can see for these
higher prices. If that's the only reason, the prices could fall as fast as
they climbed."
The climbing crude was impacting other aromatics markets as well.February toluene was bid at 322 cents/gal USG, with offers at 329 cents/gal USG. Friday, February toluene traded at 318 cents/gal FOB USG once and at 318
cents/gal DDP USG once. Mixed xylene prices on Tuesday were notionally pegged
at a 10-cent discount to toluene.
With benzene at 400 cents/gal, styrene monomer prices for March were
pegged at 66 to 67 cents/lb.
cents/gal USG. The March FOB price on Friday was assessed at 388 cents/gal.
Market sources said climbing crude was the primary price driver Tuesday morning. The March NYMEX crude contract traded as high as $98.50/barrel Tuesday morning, up as much as $3.
"OPEC said it might cut crude in the second quarter, so prices went up," a
trading source said Tuesday. "That's the only reason I can see for these
higher prices. If that's the only reason, the prices could fall as fast as
they climbed."
The climbing crude was impacting other aromatics markets as well.February toluene was bid at 322 cents/gal USG, with offers at 329 cents/gal USG. Friday, February toluene traded at 318 cents/gal FOB USG once and at 318
cents/gal DDP USG once. Mixed xylene prices on Tuesday were notionally pegged
at a 10-cent discount to toluene.
With benzene at 400 cents/gal, styrene monomer prices for March were
pegged at 66 to 67 cents/lb.
