European spot toluene prices firm ahead of US open

15 March 2006 14:52  [Source: ICIS news]

LONDON (ICIS news)--European spot toluene prices were firm at $695-705/tonne on Wednesday ahead of the US market opening after five-month high US prices led to an unusual flurry of spot activity on Tuesday, market sources said.

 

On Tuesday, spot deals were reported at $693/tonne, $695/tonne, $697/tonne, $699/tonne, $700/tonne, $703/tonne free on board (FOB) Rotterdam. Traders were looking to ship product from Europe to the US.

 

Market sources said buying interest on Wednesday morning remained strong but buyers and sellers were waiting for the market in the US to open before taking a position.

In the US, April nitration-grade spot toluene prices surged to a five-month high on Tuesday due to strong premium gasoline cash prices in the US Gulf (USG).

US Gulf premium cash prices surged past $2 a gallon on Monday for the first time since early October 2005, when Hurricane Rita caused many US Gulf refineries to stop production.

Eurograde gasoline barges traded at $602/tonne and $608/tonne FOB ARA on Wednesday, lifting the value of gasoline to five-month highs.


By: Julia Meehan
+44 20 8652 3214



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