US toluene sinks on stock-market turmoil

07 October 2008 23:31  [Source: ICIS news]

HOUSTON (ICIS news)--Amid continued erosion in the stock market, US toluene spot bids and offers plummeted to $2.50-2.65/gal, well under Friday’s notional range of $3.20-3.40/gal, sources said on Tuesday.

Toluene spot material for October was offered at $2.95/gal in the morning session. However, a two-day loss of nearly 900 points on the Dow Jones Industrial Average sent toluene spot prices into a tailspin.

Toluene and other aromatic solvents are closely tied to the energy complex, particularly crude oil and gasoline prices, and to demand from other sectors of the economy.

US aromatic solvents producers include Citgo, ExxonMobil, Flint Hills Resources, Sunoco and Total.

Additional reporting by David Barry

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By: Gene Lockard
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