London — Northwest European benzene is likely to remain strong in the short term thanks to increased downstream demand and restrictions on supply, according to market sources Wednesday. While NWE benzene prices have dropped around $11.50/mt since the beginning of April, this is compared to a $78.25/mt fall in upstream naphtha. This has seen the naphtha-benzene spread climb to $338.50/mt — it's highest level since January 24 when benzene prices were at a yearly high. Spot prices remained firm Wednesday morning, with sellers holding offers for May and June at $1,255/mt and $1,245/mt respectively for 1,000 mt CIF ARA barges, while buyers were seen $10/mt below the offers for both months.
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