- Benzene-naphtha spread hovering above thin line- MRPL offers benzene for Dec loading



As oil recovered, prices rose slightly in
the Asian benzene markets. Participants temporarily shifted their focus to
fundamentals. Brent crude oil futures maintained
above $80/b at 0830 GMT, the mark stood
at $80.54/b. One February benzene cargo FOB South Korea basis
was sold at $777-797/mt after progressive bids. This open deal was between two
counterparties. The January-February H2 spread was reduced to
minus $6-7/mt. This left a greater contango mark. FOB Korea
benzene physical rose $6/mt daily to $772.33/mt Dec 14. The
benzene/naphtha spread gained ground against the naphtha physical. It averaged
$97.59/mt from Nov. 1--30. On Dec. 14, it was at $132.20/mt. While some
term talks were progressing, most were still working on terms discussions. The February
laycan appeared to be receiving more attention...