Initial Europe Jan benzene settles up €149/tonne on crude and US

30 December 2010 18:10  [Source: ICIS news]

LONDON (ICIS)--An initial European January benzene settlement has been agreed at €879/tonne, up €149/tonne from the previous month, a producer and consumers said on Thursday.

The settlement was made at a US dollar concept of $1,155/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the officially agreed exchange rate of 1.3136.

The producer who confirmed the price said it preferred not to comment in relation to the price negotiation and what influenced the upward movement.

However, in relation to the January contract price, one of the buyers said: “The US is tight and oil is up, but I would describe the European benzene market as balanced”.

A second buyer confirming €879/tonne FOB NWE as is it’s contract price, did not elaborate on the reason for the €149/tonne increase.

($1 = €0.76)

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By: Julia Meehan
+44 20 8652 3214

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