12 February 2010 12:22 [Source: ICIS news]
LONDON (ICIS news)--European benzene values came off by almost $70/tonne (€51/tonne) this week, as the domestic market followed bearish sentiment in the US, players said on Friday.
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“The weakness in Europe is directly related to the weakness in the
The consumer added: “The
Players said that up to 80,000 tonnes of benzene was exported from Asia to arrive in the
The source said that the lower numbers in the
“The spread between naphtha and benzene was too wide for a long time,” he said, adding that “Asia and Europe will soon be the leading markets, and it won’t be long before the
Meanwhile, the Asian market was also expected to soften, with a week-long holiday expected in most of the region from 15 February to celebrate the Lunar New Year.
On Friday morning, Asian values were pegged at $895-910/tonne FOB (free on board)
The domestic market in
In a thin market, European activity was kept underground for most of the week, but on Friday morning deals were reported at $930-935/tonne CIF (cost, insurance, freight) ARA (Amsterdam, Rotterdam, Antwerp) for February, down $25-35/tonne from Thursday’s close.
March deals were reported lower at $920-925/tonne, or rolls were done whereby March was $5/tonne below February. April was $5/tonne below March.
It was uncertain how long the backwardation would be sustainable, however, with several sources expecting the market to turn flat before turning into a contango by the end of February.
($1 = €0.73)
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