04 January 2011 23:14 [Source: ICIS news]
HOUSTON (ICIS)--US benzene demand will remain strong and pricing will reflect the same in 2011, an international refinery and petrochemical marketing company said on Tuesday.
“If Asian demand for phenol remains strong and existing pricing still supports imports from the US, US benzene demand into cumene will remain strong,” said Wilf Kimball, vice president for The Plaza Group.
Kimball added that crude price forecasts for 2011 and forward had increased to around $90/bbl, representing a demand increase, primarily in China.
“However, whether the energy increase will result in reduced economic growth in the US is yet to be determined,” Kimball said.
Benzene spot prices were at $3.85-4.00/gal FOB (free on board) on Tuesday, as assessed by ICIS.
January benzene contracts surged 17%, or 56 cents, to $3.84/gal FOB (free on board).
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections