Toluene prices in the U.S. climbed sharply through March **** as a combination of upstream cost escalation and logistical disruptions tightened availability. Market sentiment shifted early in the month following disruptions in the Strait of Hormuz during the week of *鈥�** March, which triggered a strong rally in upstream energy markets. The resulting increase in crude oil and naphtha values created immediate cost pressure across the aromatics chain, squeezing catalytic reformers that supply merchant toluene. This pressure intensified through mid- to late-March as precautionary refinery inventory builds and new trade restrictions on Middle Eastern chemical cargoes further reduced spot availability.
The impact on refinery economics was significant. Benchmark crude oil prices increased by roughly USD **/bbl month-on-month to average near USD **/bbl, with peaks exceeding USD ***/bbl in the latter half of March. This surge translated directly into higher naphtha values, which climbed to approximately...
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