28 March 2008 10:48 [Source: ICIS news]
LONDON (ICIS news)--The second-quarter European cyclohexane (CX) delta has been settled up €10/tonne ($16/tonne) from the first three months of 2008 on the back of record high crude costs, buyers and sellers confirmed on Friday.?xml:namespace>
“The market is pretty balanced at the moment, and there are no real feedstock issues at the moment, so the only thing that had changed was energy costs,” said a source at a major cyclohexane consumer. “It was a fair settlement.”
The delta was settled at €155/tonne for the second quarter, where it had been €145/tonne in the first, a number of buyers, producers and sellers confirmed.
Monthly cyclohexane contracts are calculated on the basis of the current quarterly delta plus the benzene contract settlement for that month, on an EXW (ex-works) NWE (northwest ?xml:namespace>
At the time of writing, no April benzene settlement had been made. The March CX contract price was calculated at €932/tonne EXW NWE by global chemical intelligence service ICIS pricing.
Crude oil had breached $100/bbl in the first quarter of 2008, with Brent crude reaching a record high of $108/bbl, only occasionally dipping below the $100/bbl mark.
In upstream benzene, meanwhile, negotiations were said to be underway for April contracts, although these were thought to have been disrupted by many players attending the National Petrochemical and Refiners Association (NPRA) meeting in
($1 = €0.63)
For more on CX see ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections