US benzene market spikes on talk of force majeure

01 March 2013 23:57  [Source: ICIS news]

HOUSTON (ICIS)--March US benzene spot prices spiked late Friday on the back of market talks that Marathon declared force majeure on some products at its 475,000 bbl/day Texas City refinery in Texas.

Spot prices had been moving down during the day following a weaker European benzene market. March benzene spot reached an intra-day low for March at $4.52-4.65/gal FOB in the morning.

By the afternoon though, benzene spot prices were back up at $4.65-5.00/gal FOB, on the rumoured force majeure.

The market did move up some late Thursday following a fire at Marathon’s refinery.

Marathon was contacted by ICIS late Friday but was unavailable for comment.

By: Brian Balboa
+1 713 525 2653

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