NewsFlashEurope benzene rises $20/t to new high

21 May 2008 17:43  [Source: ICIS news]

LONDON (ICIS news)--Spot benzene traded up $20/tonne (€13/tonne) to a third fresh record high seen in a day on Wednesday, with market participants attributing the unprecedented levels to record energy and downstream styrene values.

 

An inter-trade deal at $1,300/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam) was confirmed late in the afternoon, $20/tonne above a record high of $1,280/tonne CIF ARA set earlier in the day.

 

Players attributed the new record high to renewed activity and record highs in downstream styrene, which was seen trading at $1,600-1,610/tonne FOB (free on board) Rotterdam for June at the same time.

 

Meanwhile, July NYMEX light sweet crude futures rose from around $128.72/bbl before US production statistics were published to hit a record high at $130.90/bbl, a gain of $1.92/bbl from Tuesday’s close.

 

“The market is supported from all sides,” a European trader said.  “It’s amazing how quickly it is moving up, but I don’t think we have seen a ceiling yet.”

 

Spot benzene values have moved up more than $100/tonne in a month, with fresh record highs set on an almost daily basis during the past week.

 

($1 = €0.64)

By: Peter Salisbury
+44 20 8652 3214

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