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July global benzene contracts falter on weaker crude, softer spot
HOUSTON, June 30, 2017 (PCW) -– Global benzene contract prices for July weakened on declining crude, softer spot prices and a drop in downstream demand.
The US July benzene contract price saw its first single settlement since November, coming in at 251 cpg ($750/mt) DDP HTC, down 19-20 cpg ($57-60/mt) from June. The Asia Contract Price for July settled at $750/mt CFR Asia, down $25/mt from Jun. Europe fell €42/mt at €695/mt ($793/mt or 265 cpg) CIF NWE.
During the month, global prices tumbled as crude plunged amid renewed fears of a supply glut. Lower downstream styrene consumption added further pressure on markets, particularly in Asia, due to a slew of regional turnarounds. Spot Asian values fell $5/mt, or 0.6%, during the month, while European prices lost $15/mt (1.9%). US spot values shed 15 cpg, or $45/mt, (5.7%) over the course of the month as unwanted Asian volumes landed on US shores. Front-month Brent fell $3.21/bbl, or 6.3%. -- Samantha Hartke
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