Asian benzene: Rises $115.66-130.25/mt on week amid firm
US market■ July/August Backwardation increases on the week■ July's strong purchasing desire continues







Asian benzene has been in a bullish trend
since May 30th, closing at $115.66-130.25/mt higher than the previous week's
close of $1,411-1.450/mt FOB Korea. This was due
in part to the strength of US benzene markets over the summer gasoline season. China's market
was closed for a public holiday. It will reopen on June 6. Due to
continued demand for benzene derivatives, the US June DDP-benzene rose
22.50c/gal to 565c/gal. Market activity was generally quiet,
with declining offers for July-loading cargoes. Just before
closing, FOB Korea bids increased to $1,425-1.460/mt. Last
August-loading cargo market was discussed at $1,365-1.400/mt FOB Korea, versus
$1.385-1.420/mtFOB Korea. The July/August backwardation
structure was increased from $23-28/mt to $44-50/mt at the week's beginning, and
this...