NewsFlashUS Feb PX settles at 54.25 cents/lb

14 February 2008 22:37  [Source: ICIS news]

HOUSTON (ICIS news)--The US paraxylene (PX) contract for February settled down 0.5 cent ($11/tonne) at 54.25 cents/lb DEL (delivered) on offsetting market drivers, sources said on Thursday.

The settlement came amid a wide spread between the mixed xylene (MX) February contract and recent MX spot values.

The MX February contract slid 32 cents to settle at $2.86/gal earlier in the month. MX spot values were notionally pegged at $3.00-3.05/gal.

The settlement was also likely driven by the European PX February contract, which was confirmed settled at €785/tonne ($1,138/tonne) free delivered (FD) northwest Europe (NWE) on Monday. That was down €8/tonne from the January European PX settlement.

The 0.5-cent loss on the US February PX contract offset the 0.5-cent gain on the January PX contract, which settled at 54.75 cents/lb DEL.

US PX producers include ExxonMobil, Chevron Phillips Chemical and Flint Hills Resources.

($1 = €0.69)

For more on PX visit ICIS chemical intelligence

By: Gene Lockard
1 713 525 2653

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