ExxonMobil Nominated Its March US Butadiene Contract Price at 86 Cents,up 3 Cents/lb

ExxonMobil nominated its March US butadiene contract price at 86 cents, up 3 cents/lb ($66/mt), sources said Thursday. 

ExxonMobil spokeswoman Margaret Ross declined to comment. 

Market expectations have been for March US contracts to rise 5-10 cents/lb due to higher spot prices and tightening US butadiene supply. 

The US butadiene spot price was last assessed Friday at 85 cents/lb CIF US Gulf Coast and heard in the low 80s to 90 cents/lb CIF USG Thursday. Demand in the market remained weak, but supply in the market has been thinning due to producers running at reduced rates and imports from Europe drying up, sources said. 

The other three producers -- Shell Chemical, LyondellBasell and TPC Group -- had yet to nominate for March US contracts, sources said. 

The February US butadiene contract price settled in a rollover from January at a 76-83 cents/lb split settlement, with ExxonMobil at 83 cents/lb, while TPC Group, Shell Chemical and LyondellBasell settled at 76 cents/lb, sources said. 

Producer confirmation for the February contract was not available.