Sky-high C9 Solvent Asian prices in the spirit of lofty Crude value
- 07-Apr-2022 3:08 PM
- Journalist: Patrick Knight
The prices of C9 Solvent in the Asian market are set to an all-time high this month owing to the skyrocketing upstream Crude Oil. According to the ChemAnalyst database, in a country such as India, Solvent prices reached at a historic height of 15% in March continuing with a jump of 13% in April.
Crude oil prices have been skyrocketing so far in 2022, with West Texas Intermediate (WTI) crude rising by more than 30% and the US Benchmark Brent Crude futures soaring by more than 40%. Oil prices rose further due to heightened supply concerns, coinciding with Yemen's Houthi rebels attacking the world's top Crude oil exporter, Saudi Aramco oil facilities in the Middle East. The attack happened at the same time when demand was robust due to the solid post-pandemic recovery.
Crude oil futures were up on Wednesday evening in the global markets. The US Brent oil June contract futures traded at USD 108, up by 4.4 percent, while the May contracts of West Texas Intermediate Crude oil futures traded at USD 103, up by 1.3 percent from Tuesday. Crude oil's multiyear high value in the global market has been pouring inflationary pressure on the vital downstream players. As per the market sources, imported materials are getting expensive weekly, allowing domestic manufacturers to raise their offers to improve their margins. These market sentiments are currently valid on all Crude derivatives and intermediate chemicals.
Therefore, in line with rising feedstock Crude oil value, C9 solvent price rose effectively in the Asian market. Procurers revealed that they had to improve their procurement activities as per the country's current requirement, while global market fundamentals were highly uncertain.
As per ChemAnalyst, "The Asian prices of C9 Solvent may continue to rally upward owing to the rising upstream Crude oil. However, the threat of a new covid variant might affect the global trading activities of the worldwide market.