Japan’s JX Nippon Oil nominates October benzene ACP at $1,260/t

25 September 2012 04:31  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s JX Nippon Oil & Energy has nominated $1,260/tonne (€970/tonne) CFR (cost & freight) Asia for its Asian Contract Price (ACP) for benzene in October, $80/tonne higher than September’s ACP, a company source said late on Monday.

The ACP was raised from September’s price in expectation of tight supply of benzene cargoes in the northeast Asian region in October, said the source.

The source also added that the settlement price of October’s ACP is dependent on crude futures at the end of the month.

Looking forward, the situation of short supply is expected to ease in November when major northeast Asian producers such as South Korea’s SK Energy come back into production following their scheduled turnarounds, market participants said.

($1 = €0.77)

By: Jasmine Khoo
+65 6780 4359

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