NewsFlashUS August benzene contract hits record

31 July 2008 17:37  [Source: ICIS news]

HOUSTON (ICIS news)--The US August benzene contract settled at a record high of $4.45/gal ($1,335/tonne or €854/tonne), a gain of 27-29 cents, market participants said on Thursday.

US aromatics traders have also said no producers were known to be holding out on any settlements.

Major US benzene contract players ExxonMobil and Equistar were not immediately available for comment.

Trade sources said the August FOB (free on board) benzene increase was driven up by sustained high energy prices, strong demand, higher spot prices and arbitrage opportunities to Europe.

Producers and traders have previously said this summer that the record highs in the NYMEX energy complex would have an impact on the benzene market.

The previous record was set in June at $4.31/gal FOB.

($1 = €0.64)

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By: Brian Balboa
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