US mixed xylenes contracts gain 18% in November

02 November 2009 21:58  [Source: ICIS news]

HOUSTON (ICIS news)--November mixed xylenes (MX) contract prices in the US moved up by 18% to $2.53/gal ($770/tonne or €523/tonne) after a month of firm gasoline prices and lousy refining margins, market players said on Monday.

The new MX contract settled 39 cents/gal above October’s benchmark on the last business day of the month for material conforming to ASTM specification D5211.

“Gasoline futures were high for October-November and xylene followed that upward trend,” a trader said.

Buyers, traders and producers said the increment was in line with market expectations, although some participants said limited recent spot transactions were not a good indicator of a fair contract price level.

Spot MX in the US Gulf (USG) was talked at $2.45-2.54/gal FOB on the day of the contract settlement, according to ICIS pricing.

Major US contract players include BP, Citgo, ExxonMobil, Flint Hills Resources, Total and Valero.

($1 = 0.68)

For more on MX visit ICIS chemical intelligence
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By: Landon Feller
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