Asian Benzene, Styrene Monomer Prices Rise for Third Day07 May 2009 • by Natalie Aster
Asian prices for benzene and styrene monomer were rising for the third day in a row Wednesday, chalking up double-digit gains as petrochemical prices firmed overnight, shrugging off a dip in Western crude futures.
NYMEX June crude futures settled 63 cents lower at $53.84/barrel in the US Tuesday. However, FOB US Gulf benzene prices for May, June and July each jumped 13 cents to 206, 207 and 208 cents/gallon, respectively.
European benzene markets, which resumed activity Tuesday after a holiday Monday, surged $56/mt to settle at $614/mt on a CIF ARA (Amsterdam-Rotterdam-Antwerp) basis. At these prices, US and European markets were almost level.