The Urethane Blog

Benzene Update

US spot benzene-crude spread widens

14 November 2016 20:00 Source:ICIS News

HOUSTON (ICIS)–The spread between US spot benzene and upstream crude oil futures widened last week as benzene prices rose and futures values fell, ICIS analysis showed on Monday.

The spread between the two products was $1.22/gal for the week ended 11 November, compared to $1.09/gal the prior week.

US spot benzene prices last week rose amid strengthening downstream prices and a partial restart of a downstream styrene plant. US benzene sentiment also was bolstered by higher prices in Asian benzene markets.

Meanwhile, US benchmark WTI crude oil futures on 11 November were 66 cents/bbl (1.6 cents/gal) lower week on week.

The benzene-crude ratio moved higher to 2.18, up from 2.04 the prior week.

Major US benzene producers include ExxonMobil, Flint Hills Resources, LyondellBasell, Marathon Petroleum, Shell and Phillips 66.

By Jessie Waldheim