Europe benzene trades up $20/t to $1,200/t

15 February 2008 11:44  [Source: ICIS news]

LONDON (ICIS news)--European benzene was traded up $20/tonne at $1,200/tonne (€816/tonne) on Friday, pushing spot styrene values up and leaving the market in strong backwardation, market participants said.

 

The symbolic deal, made on a CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) basis and $25/tonne shy of the record high trade, was attributed to the ongoing strength in energy prices and market sentiment.

 

Talk of shutdowns and production issues at a number of plants in February and March made the market “feel” tight, players said.

 

Deals were reported for April at $1,180/tonne CIF ARA and March at $1,190/tonne CIF ARA, leaving the market backwardated. 

 

Prompt rather than forward material was tight, players said, with more availability expected in March and April.

 

Backwardation is a market condition in which a futures price is lower in the distant delivery months than in the near delivery months.

 

($1 = €0.68) 

By: Peter Salisbury
+44 20 8652 3214

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