March US PX up 4 cts/lb on crude, Asia gain

14 March 2008 18:38  [Source: ICIS news]

HOUSTON (ICIS news)--US paraxylene (PX) contracts moved up 4 cents to settle at 58.25 cents/lb ($1,284/tonne) for March on a run-up in crude oil and a $70/tonne Asian contract price (ACP) gain, buyers and sellers said Friday.

A rise in feedstock and variable costs due to record crude oil prices in recent weeks carved margins for sellers who settled aromatics contracts early in February, a producer said.

The 4 cent/lb (€56/tonne) gain on March contracts was in line with a previously estimated 3 cents/lb loss in production margin and a 0.5 cent/lb drop in February’s PX contract price, the seller commented.

PX was the last of the contract xylene prices to settle. March orthoxylene (OX) also moved up 4 cents/lb to 52 cents/lb, while mixed xylene (MX) gained 34 cents/gal during the previous week to settle at $3.20/gal, according to data from global chemical market intelligence service ICIS pricing.

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

($1 = €0.64)

For more on PX visit ICIS chemical intelligence

By: Landon Feller
+1 713 525 2653

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