Feb OX contract prices nominated up 2-4 cents/lb in US

17 January 2006 19:15  [Source: ICIS news]

BUENOS AIRES (ICIS news)--February US orthoxylene (OX) contract prices were nominated in a 42-44 cents/pound FOB range, up 2-4 cents/pound over the January settlement, reflecting firming feedstock mixed xylenes (MX) prices, market sources said on Tuesday.

While ExxonMobil reportedly nominated February at 44 cents/pound FOB, sources close to Citgo Petroleum and Flint Hills Resources acknowledged nominations at 43 and 42 cents/pound FOB, respectively.

It was not clear whether consumers would accept the proposed increases.

Meanwhile, blend values continued to pressure US MX prices higher. Spot prices ended the week of 13 January in the high $2.30s-low 2.40s/gal FOB US Gulf, but January business was sealed at $2.43/gal on Tuesday, suggesting renewed upward price motion.

January US OX contract prices were settled at 40 cents/pound FOB, up 3.5 cents/pound.

US OX contract prices last settled above the 40 cents/pound mark in September and October, 2005, when Gulf Coast production curtailments following hurricanes Katrina and Rita drove the US MX contract price between a leading consumer and its customers as high as $3.38/gal.

By: Edson Jones
+1 713 525 2653

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