Marathon Petroleum has declared force majeure on benzene, toluene and mixed xylene, trading sources said Monday. No further details are known and confirmation from Marathon was unavailable as a spokesman at the company declined to comment, but did say that a force majure wouldn't have been from a fire at the Galveston Bay refinery that took place late Thursday.
As trading sources started hearing of the force majure Friday after the Platts assessment window, US benzene spot prices rose more than 10 cents during late trading.
Spot benzene was assessed Friday at $4.59/gal ($1,372.41/mt) FOB US Gulf Coast for March. Bid-offer ranges heard at $4.53-4.65/gal during the assessment window, increased to ranges heard as high as $4.65-4.90/gal during late trading and a deal was heard done at $4.72/gal FOB USG for March. Offers have been heard at $4.65/gal Monday morning, against no bids.
