– 5-30 down $1/mt
– Crude rallies 58 cents/b
The European benzene market ticked down on Friday, with the backwardation from April into May carrying down the 5-30 days forward loading assessment. Benzene was assessed at $693/mt CIF ARA on Friday, down $1. Bids and offers were thin in the market, with only a bid heard for April and only offers for May, June and July. The June assessment showed that arbitrage into Europe from Asian sellers was theoretically possible on Friday, putting pressure on prices. The FOB Korea market was assessed at $604/mt, up $14.67 on Friday. Crude prices rose on Friday, suggesting that the benzene rally could continue before the end of the week. The ICE Brent crude 16:30 London time assessment rose by 58 cents to $69.60/b, recovering from a dip on Friday and extending gains since last Friday.
S&P Global Friday assessed benzene for delivery 5-30 days forward at $693/mt CIF ARA Friday, down $1 from Friday, based on backwardation in the market. April was stable at $696/mt, above a bid at $695/mt. May was assessed stable at $677/mt, under an offer at $695/mt and keeping a spread of $19/mt to April. June was assessed at $676/mt, stable under an offer at $685/mt. July was assessed at $675/mt, stable under an offer at $685/mt. August was assessed flat to July. FOB was assessed at $693/mt, flat to CIF.