US OX buyers predict 50-53 cts/lb Aug settlement

27 July 2007 01:27  [Source: ICIS news]

HOUSTON (ICIS news)--Predictions for the US August orthoxylene (OX) settlement range from 50-53 cents/lb ($1,102-1,168), according to buyers on Thursday.

Following August nominations at 54-55 cents/lb, one buyer said the August contract is likely to settle up 2-3 cents/lb from the July settlement of 50 cents/lb.

“Based on where mixed xylene (MX) and gasoline prices are now, I think we will see a small gain. However, there is no telling where MX prices will be next week,” the producer said.

The other buyer was predicting a settlement flat with July, based on recent weakness in gasoline prices.

Both buyers said volatility in gasoline and MX markets made it difficult to predict what the final settlement would be.

US OX settlement participants include BASF, ExxonMobil and Stepan.

By: Gene Lockard
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