NewsFlashCorrected: Feb US benzene contracts jump 40 cts

31 January 2006 21:15  [Source: ICIS news]

Correction: In the ICIS news story headlined “Feb US benzene contracts jump 40 cts” dated 31 January, 2006, please read in the first paragraph “…$2.86/gallon…” instead of “…$2.46/gallon….” A corrected story follows.

HOUSTON (ICIS news)--US February benzene contract prices settled up 40 cents/gallon (16.3%) at $2.86/gallon free on board (FOB) (Euro608/tonne FOB), market sources said on Tuesday.

The jump comes after spot prices remained at or above $2.80/gallon FOB Houston-Texas City (HTC) since 17 January. February spot prices increased 10.3% during 3-30 January.

The higher settlement prompted some North American styrene monomer (SM) producers to announce 2.5-4 cents/pound increases for February. January SM contract prices settled up an average of 2 cents/pound.

Ethylbenzene, the main feedstock for SM, accounts for about half of all North American benzene consumption.

The February 2006 benzene contract price settlement is the second highest on record, according to global petrochemical pricing and marketing intelligence service ICIS-LOR historical data. In 2005, the February benzene contract price settled at a high of $3.12/gallon FOB.

By: Aaron Goetze
+1 713 525 2653

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