US MX contract to settle using spot averages for 2nd month in row

13 May 2011 16:25  [Source: ICIS news]

HOUSTON (ICIS)--The May US mixed xylene contract will be settled using weekly publication-based spot-price averages for the month, a contract participant said on Friday.

This is the second consecutive month that the US MX contract will be settled using publication-based spot price averages.

The April MX contract settled at $4.3152/gal FOB (free on board), up 67.52 cents/gal from March.

The MX contract typically settles on the same day as the US benzene contract or up to a week afterward.

However in March, Total and Koch industries ended their agreement to negotiate a MX contract settlement. That left only one MX contract in the market, which is negotiated between BP and Citgo.

Current MX spot prices are at $3.98-4.08/gal FOB, down from $4.43-4.45/gal FOB on 1 May.

($1 = €0.70)

For more information on xylenes, go to ICIS chemical intelligence

By: Brian Balboa
+1 713 525 2653

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