BP Refinery Blast: US benzene prices jump sharply
24 March 2005 04:50 [Source: ICIS news]
SINGAPORE (CNI)--US benzene prices rebounded in late Wednesday afternoon trading in the US in response to news of a fire in BP's refinery in Texas, according to data from global pricing and market intelligence service ICIS-LOR*.
Spot prices jumped from $3.77/gallon FOB US Gulf Coast on Wednesday morning to $3.86-95/gallon FOB US Gulf Coast in the late trading.
The huge explosion at the 470,000 bbl/day refinery killed at least 14 people, according to company officials. They said the cause of the explosion in the refinery’s isomerisation unit was under investigation.
The cause will be investigated by the company as well as government agencies such as the US Occupational Safety and Health Administration (OSHA). The US Chemical Safety and Hazard Investigation Board (CSB) also plans to investigate the blast.
The unit made components to increase the octane content of gasoline. The refinery produces 3% of all the gasoline in the
*ICIS-LOR is part of the same publishing group as CNI.
By: Clive Ong
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