NewsFlashUS June OX moves up 3 cents on crude

06 June 2008 19:13  [Source: ICIS news]

HOUSTON (ICIS news)--US June orthoxylene (OX) contracts moved up 3 cents/lb ($66/tonne, €42/tonne) to settle at 59.50 cents/lb ($1,312 or €840/tonne) on the back of surging gains in crude oil, producers said on Friday.

The settlement came in below nominations of 60 and 62 cents/lb from major producers, but was 5.5 cents/lb above the year-earlier price of 54 cents/lb free on board (FOB) US Gulf (USG).

A producer said the third-quarter outlook for OX was mixed, with some participants expecting a price plateau at or near the June settlement level and others calling for prices to move into the mid-60s cents/lb on higher anticipated crude oil prices.

($1 = €0.64)

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By: Landon Feller
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