Europe benzene spot rises $40/tonne

21 August 2008 18:14  [Source: ICIS news]

LONDON (ICIS news)--Spot benzene traded up $40/tonne (€27/tonne) in Europe on Thursday as crude oil and gasoline prices surged, market participants said.

“Crude really drove the market up and things went a little bit crazy for a moment,” said one trader.

Offers for August and September loading benzene reached $1,300/tonne CIF (cost, insurance and freight) ARA (Amsterdam Rotterdam Antwerp) as crude found the intraday high, before falling back to $1,250-1,260/tonne CIF ARA and trading at $1,260/tonne CIF ARA.

In early-day trading, the benzene market had been valued at $1,210-1,220/tonne CIF ARA, with business concluded at $1,220/tonne CIF ARA.

Crude oil prices rocketed during the afternoon trading session on geopolitical tensions between Russia and the US, with West Texas Intermediate (WTI) valued as high as $122.04/bbl before falling back to $122.10.

“It was mainly crude [driving the benzene market up], and there are a few buyers out there still looking for volumes for August,” said another trader, adding that prices could climb higher if crude were to move up again.

($1 = €0.68)

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By: Peter Salisbury
+44 20 8652 3214

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