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Update: Global benzene contract prices rise on rallying crude
Updated with Asian settle
HOUSTON, October 31, 2017 (PCW) – Global benzene contract prices were largely higher for November as spot values softened amid rising production and weaker downstream demand.
The US November benzene contract price came in at 284 cpg ($849/mt) and 287 cpg ($858/mt), up from the split October settlement of 274 cpg ($819/mt) and 275 cpg ($822/mt).
The Asia Contract Price for November settled at $805/mt (269 cpg) CFR Asia, up $10/mt from September. JX Nippon Oil & Gas had nominated the November contract at $825/mt (276 cpg) CFR Asia, up $30/mt from the September settle. The European November contract rose €31 from October to €702/mt ($825/mt or 276 cpg) CIF NWE.
During the month, global values rose on crude gains and returning downstream demand. Meanwhile in the US, refineries struggled to return to normal operations given further disruptions from Hurricane Nate, which tightened supply.
Spot Asian values rose $22/mt, or 2.8%, during the month, while European prices gained $44/mt (5.7%). US spot values picked up 36 cpg or 13.7%. Front-month Brent rose $4.78/bbl, or 8.5%. -- Samantha Hartke
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