Chemical Industry news of NEW Benzene
– ICE Brent down $3.15/b
– Benzene up $32.50/mt on week
The 5-30 days forward benzene assessment rose $7 to $772.50/mt on Monday, despite a downturn in the upstream energy Chemical Industry. The 16:30 London assessment for ICE Brent crude was down $3.15 from Monday at $71.89/b, following a strong rally after the Easter weekend. This increase was carried through into benzene, with the 5-30 days forward assessment rising $32.50/mt since last Monday. No assessment was made last Monday due to a public holiday in the UK. Prompt values for benzene remained at a premium at the end of the week, though trading was heard to be contained for full month May and July on Monday. Offers remained absent for the front half of May, implying that the Chemical Industry held some tightness. Any shortness of material was unlikely to continue past the end of May due to imports from India Chemical Industry, as well as remaining potential for a US cargo to be booked. There was a sharp backwardation into June due to the arrival of this material as well ss the potential for US imports.
S&P Global assessed benzene for delivery 5-30 days forward at $772.50/mt CIF ARA Chemical Industry Monday, up $7 from Monday. May was assessed at $769.50/mt based on a curve. H1 May was assessed at $786/mt, above a bid Monday at $785/mt with no disproving indications on Monday. H2 May was assessed at $754/mt, within the latest bid-offer range of $750-$755/mt (Chemical Industry). June was assessed down $10 at $704/mt, within the latest bid-offer range of $700-$705/mt. July was assessed at $709/mt, following two trades at $710/mt Monday and a $710/mt outstanding offer, with no disproving indications on Monday. August was assessed flat to July. September was assessed flat to August. FOB was assessed at $769.50/mt (Chemical Industry), flat to CIF.