Benzene prices in Asia rose by USD 11.34/mt on October 14, closing at USD 1,272.67/mt FOB Korea, supported by strength in the upstream market. During Asian midday trading hours, crude oil futures advanced, buoyed by escalating conflicts in the Middle East and expectations of tighter diesel supply.
During the close assessment, a transaction was reported: BP sold a cargo for December loading FOB Korea to GS Caltex at USD 1,248/mt.
In the FOB Korea market, the backwardation structure between November and December delivery periods narrowed from an intraday level of USD 38/mt to USD 37/mt.
Regarding CFR China floating price discussions, an offer was heard during afternoon trading for a November arrival cargo priced at a premium of USD 99/mt over the November weekly mean of prices (wMOPK). The cargo volume was 6,000 mt with open origin; however, no counter-offers were received.
Additionally, it was reported that construction work at S-Oil’s Shaheen petrochemical project in Ulsan has been temporarily suspended. S-Oil stated that the incident did not cause significant damage to its integrated refining and petrochemical complex in Ulsan. As a precautionary measure, construction activities at the petrochemical project have been halted.
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