Reformer Reductions Pinch Supply

U.S. benzene contracts were settled 70 cts/gal higher for January, up more than 23% from December, and spot aromatics prices have shot even higher as multiple forces combine to choke production in North America. Players report that the market has become increasingly tense since business resumed this year, with spot toluene and mixed xylenes bearing the brunt of the pinch. The benchmark mixed xylenes contract price rose about 10%, to $3.82/gal fob for January. Issues have been building for some time due to a U.S. oversupply of gasoline, causing refiners to reduce...

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