US Feb MX contract settles up 19 cents/gal on stronger spot values

28 January 2011 23:19 Source:ICIS News

HOUSTON (ICIS)--The February mixed xylene (MX) contract settled up 19 cents/gal to $3.30/gal FOB amid stronger spot levels and volatile energy prices in January, trade participants said on Friday.

The February MX contact applied to 5211-grade material on a free on board (FOB) US Gulf (USG) basis. The market’s other MX contract for 843-grade material typically settles after 5211-grade contracts, and at a lower price.

The February MX contract also came just after the February benzene contract settled at $4.35/gal FOB.

MX spot prices on Friday were at $3.25-3.35/gal FOB, up from $3.14-3.16/gal on 1 January.

Major US MX producers include BP, CITGO, ExxonMobil, Flint Hills Resources, Total and Valero.

($1 = €0.73)

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By Brian Balboa