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Benzene contract prices increase on stronger downstream values
HOUSTON, November 30, 2017 (PCW) -– Global benzene contract prices were higher in December as spot values rose on rallying crude and skyrocketing downstream values.
The US December benzene contract priced saw another split settlement of 330 cpg ($987/mt) and 340 cpg ($1017/mt), up from the November contract price of 284 cpg ($849/mt) and 287 cpg ($858/mt).
The Asia Contract Price for December settled at $885/mt (296 cpg) CFR Asia, up $80/mt from November and above the $900/mt nomination from JX Nippon Oil & Gas. The European December contract rose €145/mt to €847/mt CIF NWE, or US$1002/mt (335 cpg), a gain of $187/mt.
During the month, global values rose on crude gains and stronger styrene prices amid low inventory levels in east China and heated pre-buying ahead of the New Year holidays as supply fears set in about a heavy turnaround season in 1Q 2018.
Spot Asian values rose $68/mt, or 8.4%, during the month, while European prices gained $170/mt (20.4%). US spot values picked up 28 cpg or 9.2%. Front-month Brent rose $1.74/bbl, or 2.8%. -- Samantha Hartke
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