US spot mixed xylene was assessed at $3.96/gallon ($1,199.88/mt) FOB US Gulf Coast for June, a near-seven-month high, as buyers sought to buy product in a tightly supplied market, sources said.
US mixed xylene pricing was last seen above this level on November 20, when it was assessed at $4.01/gal, Platts' data showed.
Tight supply resulted from refineries not extracting mixed xylene because of attractive blending economics, sources said. Refiners are likely to start extracting as blend values are cheaper than spot pricing, making extraction economics more attractive, sources added.
US mixed xylene prices could head even higher because of how tight supply is, sources said, adding that it takes a few weeks for refineries to start extracting again.
Spot pricing has been on an upward trend since June 2, when it was assessed at $3.54/gal. It has risen 38 cents/gal ($115.14/mt) since then.