LONDON (ICIS)--Europe benzene spot prices moved down this week, largely driven by supply length and on the back of weaker crude oil and naphtha prices, sources said on Friday.
At midday, August benzene prices were valued at $840-855/tonne, while September remained in contango at $850-875/tonne; October was valued at $850-885/tonne.
August supply is long, with imports entering the region and at least 9,000 tonnes of benzene headed for the Mediterranean from India this month.
Demand is also slightly reduced as is usual during the summer, and as a result of the force majeure on key derivative styrene at Maasvlakte, in the Netherlands.
September prices continue to be stronger than those for the current month on expectations of fewer imports and a demand pick-up after the holiday period.
Benzene prices are on a cost, insurance, freight (CIF), Antwerp-Rotterdam-Amsterdam (ARA) basis.
Crude oil chart