Petchem Standard's Aromatics Trade Flow Report

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Petchem Standard's Aromatics Trade Flow report - Oct 19

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1. LONDON SINGAPORE HOUSTONPAGE 1. BENZENE AND PYGAS FIXTURESPAGE 2. STYRENE MONOMERPAGE 3. XYLENES AND TOLUENEPAGE 4. PRICING AND MARKET DYNAMICSPAGE 5: FREIGHT RATES AND HALF MONTH SPOT PRICE AVERAGESOCTOBER 19, 2014 VOLUME 1, ISSUE 21THE AROMATICS TRADE FLOW REPORT 2. BENZENE/PYGAS:SUMMARY: Benzene prices plummeted this week, alongside other aromatics and the energy complex as a whole. M2 DDP USGspot prices fell by near $80/mt this week as buyers stepped back. October fixtures were few and while there was talk of working FOBKorea-USGC parcels, sources reported no new volumes fixed this week. Thus far import volumes for the first half of the month wereestimated at just over 35,500 metric tons however at least one vessel heard to be carrying at least 20,000 was seen near theEnterprise Terminal late in the week. A second vessel thought to be carrying 18,000 metric tons of benzene was seen in the HoustonShip Channel on Friday morning while a third vessel carrying some 20,000 metric tons was seen near Balboa, Panama this week,destined for US shores before the end of the monthDemand from the styrene segment was slightly improved with recent buy interest from Europe but remained lackluster overall withat least two US producers heard to be offline during the month of October. Meanwhile, spot DDP values in the US cratered thisweek, finishing the week at near $1,163/mt, down roughly $63/mt week on week. Prices in Europe held firm as October andNovember finished the week on either side of $1,250 and $1,220/mt respectively. The TPS FOB Korea marker was at a $52/mtdiscount to M2 US DDP prices.ARRIVED: The Siteam Adventurer, carrying an estimated 18,000 metric tons of benzene, was last seen moored near the LBCterminal at Bayport on Friday. Additionally the vessel FPMC 24, thought to be carrying at least 25,000 metric tons of benzene, waslast seen in the Gulf of Mexico between the ports of Corpus Christi and Houston.EN ROUTE:The vessel FPMC 30, heard loaded with at least 25,000 metric tons of benzene, was last seen in the Caribbean Sean just outside ofthe Panama Canal. The vessel, which cast off from Korea in early September, was expected to arrive at the Port of Houston onOctober 27. (Last update seen 3:22 p.m. on October 17.)AROMATICS TRADE FLOW REPORTOctober 19, 2014 - Vol 1, Issue 21Qty Load Discharge Laycan Ship20-25,000 Korea USGC H1 Sep FPMC 30- Korea USGC H1 Sep Maritime Suzanne32,000 Ulsan/Yokohama USGC Mid-Sep Atlantic Canyon12,000 Ulsan USGC H1 Sep NA18,000 Ulsan USGC H1 Sep Siteam Adventurer6,000 Ulsan LMR Sep 1-10 NA10,000 Houston Gebze End Sep Stolt Helluland5,000 USGC ARA Oct 1-10 Bow Spring25-30,000 Ulsan USGC Arrival mid-Oct FPMC 24PYGASQty Load Discharge Laycan Ship5,000 Brindisi USGC Sep 20-30 MT Basiktas Zealand5,000 Priolo Houston Sep 17-20 MT CB Savannah9,500 ARA USGC Sep 10-15 CB Bulldog11,000 ARA USGC End Sep Odfjell - NA10,000 Antwerp Houston End Sep Bow Sagami10,000 Rotterdam Houston Early Oct Shamrock JupiterCopyright 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. 3. STYRENE MONOMER:SUMMARY: Styrene continued to see healthy buy interest from both Europe and Brazil this week with trades heard above$1,521/mt FOB USG. There was little change in supply side conditions as two US styrene producers remained offline. Styrolution andWestlake Chemical were heard offline through the month of October though confirmation was not immediately available. Given thecombined capacity of the two plants, the outages took roughly 80,000 metric tons of material out of the market during October.Styrene remained among the more resilient of aromatics as demand did not subside this week. Midweek activity saw four tradinghouses quoting lots of between 3,000-6,000 metric tons for November loading dates from the USGC to Santos. Unigel was said to bethe buyer though confirmation was not immediately available and it was not immediately clear what parcels, if any, were fixed.Sources also cited steady demand in Europe following Shells production issues at Moerdijk. Some participants said that thecompany had announced an allocation but confirmation was not immediately available. US sellers have moved more than 60,000metric tons of styrene out of the US since H2 September with all but 10,000 metric tons destined for Europe.US spot values closed the week talked near $1,520/mt on an FOB USG basis this week while production costs were estimated at justunder $1,433/mt. In Europe, prompt styrene values were last heard at near $1,620/mt while November spot values were heardcloser to $1,575/mt. Asian styrene monomer prices were steeply discounted to the FOB USG price with the TPS FOB Korea and CFRChina markers closing Fridays session at $1,407 and $1,460/mt respectively.ARRIVED: The vessel Bo Cedar, heard to be carrying roughly 15,000 metric tons of styrene was last seen moored at the Port ofAntwerp. The vessel was said to have cast off from the Port of Houston in late September.The Chem Venus, heard to be loaded with 4,000 metric tons of styrene was last seen near the Port of Antwerp Friday. The vesselcast of from Texas City on September 20, according to data from VesselTracker.EN ROUTE: The vessel Stolt Basuto, loaded with over 7,000 metric tons of styrene, was last seen moored at the Port of Tarragona.The vessel cast off from the Port of Houston on September 30 and was ultimately destined for the Port of Gebze. (Last update seenat 12:04 a.m. on October 17.)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.Qty Load Discharge Laycan Ship15,000 Houston ARA End Sep/Early Oct AS Olivia10,000 Houston ARA End Sep/Early Oct Chem Hydra15,700 Houston ARA End Sep/Early Oct Bo Cedar10,000 Houston Far East H1 Oct FPMC 285,000 USGC ARA Oct 1-10 Bow Spring 4. TOLUENE AND XYLENESSUMMARY: Xylenes fixtures were mostly absent on the week as prices tumbled globally. The TPS CFR Taiwan paraxylene marker fell $62/mt on the week to finish Friday at $1,048/mt. Meanwhile US paraxylene prices saw declines which outpaced falling Asian values, down $90 to finish the week at $990/mt FOB USG. Following the outage at BPs Cooper River PTA facility last month, US xylenes prices have seen thin demand and have largely been at the whim of Asian pricing, an ominous sign given that the TPS FOB Korea marker has fallen nearly $180/mt in October. Downstream PTA prices on a CFR China basis have put additional pressure on Asian xylenes, declining near $120/mt since the beginning of October.There were no new mixed xylenes loadings reported this week. Sources talked of potential fixtures however confirmation was unavailable at time of publication. Earlier in the month, a 5,000 metric ton parcel was heard imported from Brazil while at least two parcels were still on the water moving east but new deals were few amid a xylenes pricing freefall.US MX prices were just above $980/mt on an FOB USG basis, nearly $100 above the TPS FOB Korea marker and over $75 above the TPS CFR China marker. European prices were talked at a slight premium to US values this week.Toluene values in the US were slightly higher on the week, finishing Fridays session at $988/mt, down over $120 on the week. FOB Korea toluene was discounted to the US by approximately $30/mt while European toluene was talked notionally Friday on par with US spot prices.EN ROUTE: The vessel Fairchem Mustang, loaded with 10,000 metric tons of paraxylene, was expected to load in H2 October from Houston to Suape.The vessel Nave Universe, heard loaded with 10,000 mt of MX, was last seen in the North Pacific Ocean headed east at 14.8 knots. The ship loaded in Houston and was heard destined for Taiwan, sources said. (Nave Universe: Last update seen at 7:38 a.m. on October 19.)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.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. PX10,000US GulfTaiwan/ChinaH2 AugBeatrice10,000Texas CityNE AsiaH2 AugUACC Masafi20,000HoustonNingbo/ZhuhaiH2 AugSichem Hawk7,000US GulfBrazilMid-SepStolt Ocelot10,000GonfrevilleCharlestonSep 20-30Harbour Legend10,000HoustonChinaEnd-SepClarice10,000HoustonSuapeOct 20-30Fairchem MustangQtyLoadDischargeLaycanShip5,000HoustonUlsanH1 AugSiteam Explorer10,000HoustonChinaMid-AugBow Sirius10,000Corpus ChristiKorea End AugStolt10,000HoustonTaiwan Sep 1-10Nave Universe 5. PRICING AND MARKET DYNAMICS US M2 DDP spot benzene prices finished Friday at $1,163/mt, down over $60 on the week. M2 prices fell sharply early in the week however showed some life towards weeks end. European prices were talked north of $,1200/mt this week while FOB Korea values were weaker as the TPS FOB Korea marker fell near $75 on the week to close Friday at $1,108/mt. The FOB Korea-US M2 DDP spread flipped into negative territory amid falling prices and closed Friday at -$7.00/mt, assuming a freight rate of $62/mt. The spread fell $23 on the week. US M1 DDP spot benzene prices were virtually on level with the 5-day moving average of $1,164.50 and near $66 below the 20 day moving average The M1 spot price was at near parity with the 60-day moving average. Spot styrene closed the week higher on increased buy interest from Brazil and Europe. Oct US spot FOB values were near $1,524.50/mt Friday, while November near $1,640/mt. Asian SM prices finished the week lower with the TPS FOB Korea and CFR China markers at $1,407 and $1,460/mt respectively. The gains in styrene, coupled with sharp declines in benzene put the as high as $358.50/mt, up almost $60/mt week on week. US toluene spot prices fell nearly $120/mt this week, closing Friday at $988/mt. The M1 FOB USG price was above the TPS marker which closed at $954/mt FOB Korea Friday while European prices were talked mostly even to US values. The US benzene-toluene spread widened by over $70 on the week to finish Friday at $178/mt. US xylenes were weaker with the PX M1 FOB USG price closing the week below the $1,000 mt/mark as demand domestically was week and Asia prices fell. The TPS CFR Taiwan marker finished the week at $904/mt. European PX prices were talked notionally in a wide range with a midpoint of near $1,030/mt. The US PX-MX spread closed at $11.50/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.-$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$1,800.003-Mar-1413-Mar-1425-Mar-144-Apr-1416-Apr-1429-Apr-1412-May-1423-May-145-Jun-1417-Jun-1427-Jun-1410-Jul-1422-Jul-141-Aug-1413-Aug-1425-Aug-145-Sep-1417-Sep-1429-Sep-149-Oct-14US BZ DDP M2BZ FOB KOREASPREAD300.00350.00400.00450.00500.00550.003-Mar-1412-Mar-1421-Mar-141-Apr-1410-Apr-1422-Apr-142-May-1413-May-1422-May-143-Jun-1412-Jun-1423-Jun-142-Jul-1411-Jul-1422-Jul-1431-Jul-1411-Aug-1420-Aug-1429-Aug-1410-Sep-1419-Sep-1430-Sep-149-Oct-14SPOT BZ M1 DDP USG5-DAY Ma20-DAY MA$0.00$50.00$100.00$150.00$200.00$250.00$300.00$350.00$400.00$450.0014-Mar-1425-Mar-143-Apr-1414-Apr-1424-Apr-146-May-1415-May-1427-May-145-Jun-1416-Jun-1425-Jun-147-Jul-1416-Jul-1425-Jul-145-Aug-1414-Aug-1425-Aug-144-Sep-1415-Sep-1424-Sep-143-Oct-1414-Oct-14BZ-Tol spread-50.000.0050.00100.00150.00200.00250.0018-Mar-1426-Mar-143-Apr-1411-Apr-1422-Apr-1430-Apr-149-May-1419-May-1428-May-145-Jun-1413-Jun-1423-Jun-141-Jul-149-Jul-1417-Jul-1425-Jul-144-Aug-1412-Aug-1420-Aug-1428-Aug-148-Sep-1416-Sep-1424-Sep-142-Oct-1410-Oct-14US Spot PX-MX Spread 6. FREIGHT RATES 10,000 MT FREIGHT RATES 5,000 MTULSAN HOUSTON: $60-64/MT ULSAN HOUSTON: $63-68/MTHOUSTON MAIN PORT FE: $58-62/MT HOUSTON MAIN PORT FE: $62-66/MTHOUSTON CHINA: $62-66/MT HOUSTON CHINA: $66-70/MTHOUSTON NORTHWEST EUROPE $42-46/MT HOUSTON NORTHWEST EUROPE $45-49/MTHA LF MONTH AVERAGESUS SPOT BZ DDP USG US SPOT SM FOB USG US SPOT TOLUENE FOB USGH1 Aug $1,475.56 H1 Aug $1,591.94 H1 Aug $1,133.92H2 Aug $1,436.00 H2 Aug $1,567.00 H2 Aug $1,136.50H1 Sep - $1,303.54 H1 Sep - $1,512.57 H1 Sep - $1,158. 24H2 Sep - $1,268.30 H2 Sep - $1,489.21 H2 Sep $1,084.46H1 Oct - $1,243.50 H1 Oct - $1,500.25 H1 Oct - $1,113.00H2 Oct MTD - $1,152.65 H2 Oct MTD - $1,506.40 H2 Oct MTD - $988.00US SPOT MX FOB USG US SPOT PX FOB USGH1 Aug $1,129.10 H1 Aug $1,306.00H2 Aug $1,086.50 H2 Aug $1,253.00H1 Sep - $1,060.16 H1 Sep - $1,225.50H2 Sep - $1,090.80 H2 Sep $1,185.90H1 Oct - $1,072.50 H1 Oct - $1,133.75H2 Oct MTD - $980.20 H2 Oct MTD - $1,005.00EDITORS CONTACT DETAILS Kevin Allen Email: kevin.allen@petchemstandard.com Phone: 713.344.3690 Yahoo: tpsusaros* Vessel photos and information courtesy of VesseltrackerCopyright 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.

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