19 March 2008 17:05 [Source: ICIS news]
LONDON (ICIS news)--Unexpected market length and tumbling energy values have pushed benzene and styrene values down $35-40/tonne (€22-26/tonne) from Monday against many market participants’ expectations, players said on Thursday.
NYMEX and Brent crude, both of which had hit record highs of $111/bbl and $108/bbl on Friday 14 March, were in freefall. Brent crude was valued at $101.65/bbl at 15:45 GMT, down $3.90/bbl from opening indications alone.
March benzene was valued at $1,135-1,145/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp), having traded at $1,145/tonne CIF ARA, with March styrene at $1,470-1,480/tonne FOB (free on board) ?xml:namespace>
In early trading on Monday they had been seen at $1,170-1,180/tonne CIF ARA and $1,505-1,520/tonne FOB
“We don’t see much demand for either product,” said an aromatics trader source. “And it isn’t like there isn’t much around. On styrene in particular, we are long in Europe [because of imports from the
“Benzene values in the
A styrene trader agreed: “Energy is down, people are nervous about the economy and there is a lack of demand,” he said, again adding that he saw length in the market.
Earlier in the month, players had said that they saw the forward market as tightening on a number of outages in
“This wasn’t expected,” another trader said. “But there has been no demand for styrene, be it because of values or end-use requirement.”
($1 = €0.64)
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