Europe benzene up $2/tonne to new high

16 May 2008 20:00  [Source: ICIS news]

LONDON (ICIS news)--A new record benzene trade was confirmed on Friday, up $2/tonne (€1.3/tonne) on the previous high, with further deals reported as much as $9/tonne higher yet, as crude oil found its own record new highs.

“We bought May loading benzene for $1,264/tonne and $1,265/tonne yesterday, and at $1,266/tonne for June today,” an industry source reported on Friday.

The traders who had sold the first two lots confirmed these numbers on Friday afternoon.  The $1,265/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) deal constituted a new record, $2/tonne higher than that set on 9 May.

The third deal, for June, was yet to be confirmed with the buyer unable to name its sale partner, and no market participants claiming the record high deal as their own.

Another June deal was reported at $1,271/tonne CIF ARA with further business rumoured at $1,272/tonne CIF ARA and $1,274/tonne CIF ARA, at the close of business on Friday.

Market participants attributed the fresh all time high deal to new records set in the crude oil and gasoline markets over the past two days and renewed interest from industry for material.

NYMEX light sweet crude futures hit $127.43/bbl on Friday afternoon on a weaker dollar and demand for distillates on a global shortage of diesel fuel.

($1 = €0.65)

For more on benzene, visit ICIS chemical intelligence
By: Peter Salisbury
+44 20 8652 3214

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