NewsFlashEurope March benzene settles €50/t up

29 February 2008 16:39  [Source: ICIS news]

LONDON (ICIS news)--An initial settlement of the March benzene contract has been made at €787/tonne, up €50/tonne on February, sources at two major producers and one consumer said on Friday.

 

The contract was set at a dollar price of $1,190/tonne FOB (free on board) NWE (northwest Europe) and then converted into euros at an official exchange rate of €1.5121 to the dollar.

 

“We settled with one customer, on the basis of negotiations and yesterday’s spot which was $1,185-1,195/tonne,” one of the producers said.

 

The settlement had been made on higher spot values seen in February, which had in turn been buoyed by plus-$100/bbl crude oil values perceived market tightness and downstream demand.

 

February benzene contracts were settled at €737/tonne FOB NWE at an exchange rate of $1 = €1.481, and when spot prices were at $1,075-1,085/tonne CIF ARA for February and March.

 

($1 = €0.66)

 

For more on benzene visit ICIS chemical intelligence

By: Peter Salisbury
+44 20 8652 3214

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