aromatics trade flow report 11.24.14
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THE TPS WEEKLY AROMATICS TRADE FLOW REPORT November 24, 2014 – Vol 1, Issue 26
LONDON SINGAPORE HOUSTON
BENZENE AND PYGAS
SUMMARY: US spot benzene prices
surged to close the week, gaining $33 on
the day after December was heard
traded as high as $1,040.50/mt DDP TXC.
Liquidity increased after market
appeared to bottom out and ahead of
pending contract negotiations and
volumes of trade barrels were heard
estimated well in excess of 300,000
barrels.
For November, loadings were few with a
handful of 5-9kt parcels heard fixed.
Sources reported at least three different
fixtures of volumes between 15-25kt
though confirmation was not available.
Sources however noted that any such
fixture were likely COA.
Landed fixtures included a near 4kt
parcel from Brazil as well as some 10kt
reformate heart cut benzene, all
reported on November 17. A 15kt parcel
of pygas arrived at Baton Rouge from
Tarragona mid-month, according to PIERS
The TPS Asian benzene marker fell nearly
$40 on the week to close Friday at
$994/mt FOB USG and at $1,018/mt CFR
China.
December European benzene was talked
notionally at near $985/mt CIF ARA while
January maintained a $20 premium to
December.
-$100.00
-$50.00
$0.00
$50.00
$100.00
$150.00
$200.00
$0.00
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
$1,800.00
3-M
ar-1
4
11
-Mar
-14
19
-Mar
-14
27
-Mar
-14
4-A
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14
-Ap
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-Ap
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2-M
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12
-May
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21
-May
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-May
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un
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7-A
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-Au
g-1
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25
-Au
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3-S
ep
-14
11
-Se
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-Se
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-Se
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7-O
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15
-Oct
-14
23
-Oct
-14
31
-Oct
-14
10
-No
v-1
4
18
-No
v-1
4
US BZ DDP M2 BZ FOB KOREA SPREAD
Qty Load Discharge Laycan Ship
5,000 USGC ARA Oct 1-10 Bow Spring
9,000 Ulsan Houston Early Nov Siteam Explorer
6-9,000 Mumbai USGC End Nov Bow Sagami
9,000 Sikka USGC End Nov Nave Universe
5-7,000 Korea Houston Early Dec NA
9,000 Ulsan USGC H1 Dec Formosa 29
PYGAS
Qty Load Discharge Laycan Ship
10,000 Rotterdam Houston Early Oct Shamrock Jupiter
10,000 Fawley Houston Oct Ebony Ray
15,000 Tarragona Baton Rouge End Oct Songa Opal
*Spread includes freight rates from Korea to the US Gulf Coast of $70/mt
Copyright © The Petrochemical Standard 2014 | useds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM ACCESSING AND USING TPS DATA.
SUMMARY: US spot styrene monomer prices
continued to move lower this week before
rebounding slightly to close the week, supported by
gains in benzene. In the US activity was thin with
one trade heard early in the week at $1,256.50/mt
FOB USG.
With European styrene prices declining due in part
to a recent surge of US material sent that way, US
prices moved in concert. With European Dec SM
prices near $1,260-1,270/mt, US prices would have
to be near or below $1,234.50/mt (56 cents/lb) FOB
USG.
Despite US monomer prices being higher than their
counterparts in Europe and Asia, some 45,000
metric tons was expected to load from the USGC in
November. Sources also noted that a decline in the
US benzene contract could help make it profitable
to produce incremental pounds of styrene.
In Asia, styrene monomer prices were lower with
the TPS CFR China marker falling over $23 on the
week to finish Friday at $1,277/mt. FOB Korea
styrene finished down $8.50 on the week to close
Friday at $1,255/mt.
In production sources said that Styrolution was
beginning the restart of its 770,000 metric
tons/year SM unit at Bayport, Texas. Confirmation
from the producer was not immediately available.
Westlake had restarted its 260,000 mt/year SM
unit at Lake Charles earlier this month.
STYRENE AND BENZENE DERIVATIVES
Styrene
Qty Load Discharge Laycan Ship
7,000 Houston Gebze Oct 25-30 MTM Hamburg
7,340 Houston Rotterdam Oct 25-30 Bow Summer
5,700 Houston Anping, China H1 Nov Stolt Island
10,500 Houston Brazil Nov 1-10 Sloman Herakles
5,000 USGC ARA Mid-Nov Harbour Progress
10,000 USGC ARA Nov 20-30 Bow Chain
5,000 Houston ARA Mid-Nov Nordic tonnage - NA
5,000 Houston ARA H2 Nov Chem Lyra
5,000 Houston ARA H2 Nov Stolt Innovation
5,000 Houston FE and China Nov 12-20 Bow Trajectory
Copyright © The Petrochemical Standard 2014 | useds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM ACCESSING AND USING TPS DATA.
Cumene
Qty Load Discharge Laycan Ship
5,230 Antwerp Mobile Oct 25-30 Bow Clipper
6,500 Paiolo Baton Rouge Nov 1-5 Henda
3,000 Ulsan Freeport Nov 5-10 Atllantic Canyon
5,000 Terneuzen Freeport Nov 15-20 NA
Phenol
Qty Load Discharge Laycan Ship
2,857 Houston Rotterdam Oct 25-30 Nordic Mari
1,048 Houston Kaohsiung Oct 25-30 Stolt Effort
1,048 Houston Pasir Gudang, Malaysia Oct 25-30 Stolt Effort
2,500 Houston Kandla November 1-5 Stolt Savannah
1,030 Houston Kandla November 5-10 Songa Peace
Styrene economics on a spot basis remained in negative
territory this week after waning demand and lower
prices in Europe put downward pressure on US prices.
With the November benzene contract settled at
$1,136/mt and ethylene at near $1,108/mt,
ethylbenzene production costs were estimated at
$1,158.75/mt (52.56 cents/lb) while styrene monomer
production costs were at $1,311.75/mt (59.50 cents/lb).
With spot being talked well under 57 cents/lb, margins
on incremental pounds were estimated at near -
$67.25/mt, according to TPS data. The styrene to
benzene spread closed Friday at $216/mt, down from
near $450/mt the previous week.
-120.00
-70.00
-20.00
30.00
80.00
130.00
180.00
230.00
280.00
30.00
35.00
40.00
45.00
50.00
55.00
60.00
65.00
70.00
75.00
80.00
11
-Mar
-14
20
-Mar
-14
31
-Mar
-14
9-A
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-Ap
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30
-Ap
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12
-May
-14
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-May
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-Oct
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-Oct
-14
10
-No
v-1
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19
-No
v-1
4
SM production costs SM Spot value SM Margins $/mt
MIXED XYLENES, PARAXYLENE AND TOLUENE
Activity in the xylenes and toluene markets remained
slow on the week outside of a few COA fixtures. US
November spot MX prices closed this week at nea
$812/mt FOB USG. The US price was a $38 premium to
the TPS CR China marker.
European MX prices were last heard talked notionally at
$820/mt FOB NWE
PX prices continued to trace movement in Asia while
activity was thin. In November, 20,000 metric tons was
heard loaded from the US, 10kt for Mexico and another
10kt headed to China. US prices were at $970/mt Friday
while the TPS CFR Taiwan marker was at $1,040/mt.
US toluene prices finished the week at $836/mt FOB USG
as a 5,200 mt parcel arrived in Houston from Aratu/La
Plata.
Copyright © The Petrochemical Standard 2014 | useds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM ACCESSING AND USING TPS DATA.
0
2,000
4,000
6,000
8,000
10,000
12,000
11/2/2014 11/3/2014 11/4/2014 11/5/2014 11/6/2014
US styrene monomer exports - H1 Nov
PX
Qty Load Discharge Laycan Ship
10,500 Texas City Coatzacoalcos Oct 10-15 Bertina10,000 Houston Suape Oct 20-30 Fairchem Mustang10,400 Houston Pajaritos/Coatzacoalcos End Oct Oceanic Cerise9,300 Houston Altamira/Pajaritos Nov 5-10 Bertina10,000 Houston Suape Nov 1-10 MTM London10,000 Houston Ningbo Mid-Nov Siteam Adventurer
MX
Qty Load Discharge Laycan Ship
4,200 Rio Grand do Sol Houston Oct 1-10 Selje
10,000 Houston Ulsan Oct 5-10 Sequoia
9,500 Houston Ulsan Oct 20-25 Bow Elm
2,000 Houston Bourbata Oct 20-30 St Aqua
2,500 Houston Veracruz Oct 25-30 Bernora
TOLUENEQty Load Discharge Laycan Ship
5,245 Aratu/La Plata Houston 28-Oct Bow Chain
Activity in the xylenes and toluene markets remained slow on
the week outside of a few COA fixtures. US November spot
MX prices closed this week at near at $812/mt FOB USG. The
US price was a $38 premium to the TPS CR China marker.
European MX prices were last heard talked notionally at
$820/mt FOB NWE
PX prices continued to trace movement in Asia while activity
was thin. In November, 20,000 metric tons was heard loaded
from the US, 10kt for Mexico and another 10kt headed to
China. US prices were at $970/mt Friday $70 below the TPS
CFR Taiwan marker.
US toluene prices finished the week at $836/mt FOB USG as a
5,200 mt parcel arrived in Houston from Aratu/La Plata.
European toluene was talked at a $5/mt premium to US
material while the TPS CFR China marker closed slightly higher
Friday at $863/mt.
-$50.00
$0.00
$50.00
$100.00
$150.00
$200.00
$0.00
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
14
-Mar
-14
25
-Mar
-14
3-A
pr-
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-Ap
r-1
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24
-Ap
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6-M
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-May
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-May
-14
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5-A
ug-
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-Au
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-Au
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4-S
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-Se
p-1
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-Se
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4
3-O
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14
-Oct
-14
23
-Oct
-14
3-N
ov-
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12
-No
v-1
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21
-No
v-1
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MX FOB $/mt PX FOB USG M1 PX-MX Spread
Copyright © The Petrochemical Standard 2014 | useds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM ACCESSING AND USING TPS DATA.
COMPANY LOCATION CAPACITY TIMING
US
Styrolution Bayport 770 kt/year 11/20/2014 - RS
Shell Norco 1,360 kt/year 11/13/2014 - Fire
Westlake Lake Charles 260,kt/year 11/13/2014 - RS
ASIA
LG Chem Yeosu 380 kt/year H2 Oct - 30 day
Sinopec Zhenhai 650 kt/year End Oct - 30 day
Thai PTTGC Map Tu Phut 650 PX, 355 BZ 10/17/2014 - RS
EUROPE
Shell Moerdijk 460 kt/year Down June -RS Jan 15
ExxonMobil Botlek 820 kt/year October - RS H1 2015
PRODUCTION
H2 Nov MTD – $816.25 H2 Nov MTD -
$794.00
H2 Nov MTD – $816.25 H2 Nov MTD -
$794.00
Copyright © The Petrochemical Standard 2014 | useds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM ACCESSING AND USING TPS DATA.
Copyright © The Petrochemical Standard 2014 | useds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM ACCESSING AND USING TPS DATA.
HALF MONTH AVERAGES
US SPOT BZ DDP USG US SPOT SM FOB USG
H2 Sep - $1,268.30 H2 Sep - $1,489.21
H1 Oct - $1,243.50 H1 Oct - $1,500.25
H2 Oct - $1,154.00 H2 Oct - $1,493.18
H1 Nov - $1,057.00 H1 Nov -$1,416.50
H2 Nov MTD - $983.71 H2 Nov MTD - $1,244.75
US SPOT TOLUENE FOB USG US SPOT MX FOB USG
H2 Sep – $1,084.46 H2 Sep - $1,090.80
H1 Oct - $1,113.00 H1 Oct - $1,072.50
H2 Oct - $972.80 H2 Oct - $978.93
H1 Nov - $874.60 H1 Nov - $867.18
H2 Nov MTD – $816.25 H2 Nov MTD - $794.00
US SPOT PX FOB USG
H2 Sep – $1,185.90
H1 Oct - $1,133.75
H2 Oct - $997.50
H1 Nov – $938.50
H2 Nov MTD - $956.00
0
50
100
150
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350
400
450
500
0.00
100.00
200.00
300.00
400.00
500.00
600.00
BZ price gal NGT price gal MX price gal
1.500
1.700
1.900
2.100
2.300
2.500
2.700
2.900
3.100
3.300
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1-J
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4
1-F
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-14
1-M
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1-A
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1-M
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1-J
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-14
1-J
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1-A
ug-
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1-S
ep
-14
1-O
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1-N
ov-
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NYMEX RBOB Gasoline
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