19 June 2007 05:00 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s benzene and paraxylene (PX) values shot up on Tuesday in line with a nine-month high for crude futures, as well as firm US aromatics values seen overnight, buyers and sellers said.
Toluene was largely stable from Monday’s closing levels at $850-865/tonne (free on board) FOB ?xml:namespace>
A toluene offer for second-half July at $875/tonne met with a bid at $850/tonne on Tuesday.
Styrene buy-sell indications for any-August parcels were heard at $1,300-1,340/tonne while selling indications for second-half July cargoes were mentioned around $1,360/tonne FOB
The impact of the high crude prices, however, was seen mostly in the benzene and PX markets.
A benzene bid heard at $1,040/tonne FOB
Traders and producers of benzene said that the uptrend was due to the upswing seen in the
US West Texas Intermediate (WTI) crude oil for July delivery closed at $69.09/bbl on the NYMEX on Monday, up by $1.09/bbl in response to new attacks by militants on Nigerian oilfields and threats of a potential oil workers’ strike in Nigeria later this week and in Brazil in early July.
Meanwhile, US benzene bids and offers for June and July were heard at $3.62-3.78/gal
Another aromatic which rose was PX, which saw discussion levels hitting $1,190-1,200/tonne CFR Taiwan and/or
This was in sharp contrast from last week’s lowest point of $1,135/tonne CFR Taiwan and in line with the recovery started since last Friday.
“Improved sentiment in the downstream PTA sector also helped matters,” said a PX trader in
PTA is purified terephthalic acid, the main derivative of PX.
Salmon Aidan Lee and Clive Ong contributed to this story.
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