US ethylbenzene spot prices were unchanged during the week ended 29 July, as feedstock spot prices put upward pressure on the market. Ethylene and benzene prices firmed through the end of the week, in addition to a 44 cents/gal increase in the August benzene contract.
In the feedstock ethylene market, spot prices were still rising on production issues at Texas crackers and the likelihood of increased demand in the coming months as a result of scheduled cracker maintenance.
Ethylene for July traded at 62.00-63.50 cents/lb DEL, compared with 59.50-61.50 cents/lb in the previous week. The bid/offer range at the end of the week was 62.50-63.50 cents/lb.
In the benzene market, spot prices continued on an upward path on the back of strong crude prices, increased demand from Asia, lower benzene production rates, and the impact of Tropical Storm Don in the Gulf of Mexico.
Although crude levels came down on Friday, benzene spot prices ended the week at $4.29-4.31/gal FOB, up from $4.08-4.11/gal FOB on 22 July.
($1 = €0.70)
This week on ICIS ( www.icis.com ):
29/07/2011 18:02 Initial Europe August benzene CP settles up by €132/tonne
29/07/2011 11:26 JX Nippon Oil settles Aug benzene ACP $130/tonne higher
29/07/2011 07:29 Asia benzene hits three-month high on rising prices in US, styrene
29/07/2011 06:27 Japan chemicals output up 3% in June on continued quake recovery
27/07/2011 17:59 US August benzene contract to settle above $4.00/gal - traders
