US Aug benzene rises amid lower imports

Jessie Waldheim

29-Jul-2016

The contract settlement follows a similar hike for the July contract and is in line with higher spot prices in recent weeks supported by limited imports. LyondellBasell
The contract settlement follows a similar hike for the July contract and is in line with higher spot prices in recent weeks supported by limited imports. LyondellBasell’s Houston refinery is among North America’s largest full-conversion facilities capable of processing significant quantities of heavy, high-sulfur crude. (LyondellBassell)

HOUSTON (ICIS)–The US August benzene contract price settled up 13-16 cents/gal from the July contract price, market sources said on Friday.

The increase was in line with higher spot prices in recent weeks, as limited imports have supported benzene values. The August settlement follows a similar hike in prices for the July contract, which had risen 12-16 cents/gal over June levels amid similar fundamentals.

US benzene values have been moving higher since mid-June as import levels have been limited and demand has been healthy.

Benzene values had been under pressure earlier in the year as high levels of imports during Q1 and downstream turnarounds during early Q2 lengthened the market and lowered sentiment.

Inventories remain high, but market sources expect import levels to remain low through August. The completion of downstream turnarounds in June also supported sentiment as benzene values rose through most of June and July.

Major US benzene producers include ExxonMobil, Flint Hills Resources, LyondellBasell, Marathon Petroleum, Shell and Phillips 66.


READ MORE

Global News + ICIS Chemical Business (ICB)

See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.

Contact us

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?