Stronger energy prices push up US benzene

23 February 2007 00:15  [Source: ICIS news]

HOUSTON (ICIS news)--US benzene spot prices moved up on Thursday after weekly government data showed a larger-than-expected drawdown in domestic gasoline supplies.

March benzene spot prices ended the day at $3.53-3.58/gal FOB (free on board) HTC (Houston-Texas City), traders said. This was above Wednesday’s March range of $3.45-3.50/gal FOB HTC. 

The US Energy Information Administration (EIA) said gasoline stockpiles fell by 3.1m bbl to 222.1m bbl for the week ended 16 February from the previous week.

Market traders said a combination of recent problems at Valero’s refineries in Texas and Delaware, BP’s Ohio refinery and two Sunoco refineries in Pennsylvania contributed to the decline in gasoline inventories. 

On the NYMEX, the March reformulated blendstock of oxygenate blending (RBOB) contract settled at 175.48 cents/gal, up 5.01 cents from Thursday. April RBOB futures rose 3.81 cents to 180.78 cents/gal.

Market participants also attributed the spike in benzene prices to tight supplies of late.

By: Brian Balboa
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly