ExxonMobil announced a 3-cent/lb nominated decrease to $1.59/lb for May US butadiene contracts, several sources said Monday.
ExxonMobil could not be immediately reached by telephone or email for any comment.
The 3-cent decrease for contracts was within market expectations, with many sources anticipating the contract price to remain flat to slightly lower than the April contract price due to lower spot prices and weak butadiene spot demand. Sources added producers and buyers had ample levels of inventory.
Spot butadiene was assessed at $1.53/lb CIF USG Friday.
Nominations for the other three producers -- Shell Chemical, TPC Group and LyondellBasell -- were not yet announced by time of publication.
The US butadiene contract price for April settled 7 cents higher to a $1.52-$1.62/lb split settlement. ExxonMobil settled at $1.62/lb, Shell Chemical and LyondellBasell settled at $1.55/lb, and TPC Group settled at $1.52/lb.
