US xylenes contract settles 10 cents higher for February

28 January 2010 22:35  [Source: ICIS news]

HOUSTON (ICIS news)--An initial mixed xylenes (MX) contract settled higher by 10 cents/gal for February, at $3.05/gal( $927/tonne, €658/tonne), buyers and market watchers said on Thursday.

The price increase for material conforming to ASTM specification D5211 followed a month of higher spot prices that peaked and began easing only in the latest week.

Market participants said contract price ideas dropped slightly late in the month, adding the contract was agreed upon more quickly than normal as sellers scrambled to avoid further losses.

MX price ideas continued dropping with bids below $2.90/gal with offers below the new February benchmark, according to global chemical market intelligence service ICIS pricing.

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

($1 = €0.71)

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