Initial Europe August toluene up $8-17/tonne on firmer US prices

31 July 2012 16:09  [Source: ICIS news]

LONDON (ICIS)--Some initial European August toluene contracts were settled up by $8-17/tonne from the previous month at $1,127/tonne (€924/tonne) and $1,133/tonne on firmer US prices and ongoing strength for crude and energy futures, a major buyer said on Tuesday.

For some players, the US Gulf market was crucial. Prices there have managed to hover around the $4.00/gal level over the past few weeks, seesawing alongside crude futures but generally supported by balanced fundamentals.

The European market remains thin, with rising energy costs pushing offers in the spot market as high as $1,160/tonne into August. However, the traditional slowdown in activity over the summer months is keeping any upward momentum limited.

The contracts were settled on a free on board (FOB) northwest Europe (NWE) basis. Further confirmation from other players is pending.

($1 = €0.82)

By: Truong Mellor
+44 208 652 3214

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