Spot Europe benzene falls $35/t as crude plunges

20 March 2008 12:44  [Source: ICIS news]

LONDON (ICIS news)--European spot benzene continued to freefall on tumbling crude values on Thursday, as a March deal was confirmed down $35/tonne (€22/tonne) on the previous day’s business.

Benzene was traded at $1,110/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp), $35/tonne lower than the $1,145/tonne CIF ARA March deal the previous day, itself down $15/tonne from trades done on Monday.

Brent crude was valued at $98.20/bbl at 12:15 GMT, down more than $7/bbl from Monday’s open.

“It’s dropping off on energy, but more noticeably than in recent times,” said one trader, saying that perceived market length was aiding the rapid downturn.

The market was valued at $1,100-1,110/tonne CIF ARA for March and $1,105-1,115/tonne CIF ARA for April on Thursday morning, with the front-month down $70/tonne from the week’s opening indications.

($1 = €0.64)

For more on benzene visit ICIS chemical intelligence

By: Peter Salisbury
+44 20 8652 3214

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