02 September 2008 12:48 [Source: ICIS news]
LONDON (ICIS news)--Benzene traded down $70/tonne (€52/tonne) in Europe on Tuesday, falling on upstream energy complex values, market participants said, with related markets also following the downtrend.
Spot benzene for September loading had traded at $1,160/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) inter trade earlier, compared with a deal recorded the previous day at $1,230/tonne CIF ARA.
By 11:00 GMT, a second trade was rumoured at $1,170/tonne CIF ARA, with the market valued at $1,170-1,190/tonne CIF ARA, up $20/tonne from earlier in the day, according to global chemical market intelligence service ICIS pricing.
“We are only 10 working hours from the CP [monthly contract price] and we are $100/tonne off the settlement,” a trader source said.
The September benzene contract had been settled on Friday 29 August at a dollar concept of $1,286/tonne FOB (free on board) NWE (northwest Europe) on the basis of spot business concluded the day before, converted to a euro price of €871/tonne FOB NWE at an officially agreed exchange rate of €1 = $1.4771.
As benzene fell, downstream styrene followed suit, with bids and offers assessed at $1,540-1,610/tonne FOB ?xml:namespace>
“The styrene market is tanking right now with the help of crude and benzene,” a trader source said.
October Brent crude traded mid-morning at around $105.86/bbl, after hitting a low of $104.22 at 09:15 GMT which marked a $5/bbl fall from Monday’s close, following reports that Hurricane Gustav caused minimal damage to oil facilities in the
At the same time, naphtha, upstream from benzene, was assessed at $888-898/tonne CIF NWE, down from Monday's close of $924-934/tonne.
($1 = €0.68)
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