US asphalt prices climb ahead of paving season

摘要

Asphalt prices in the US Gulf and New York Harbor rose in their steepest quarterly increase in at least five years,reflecting the dual squeeze that a tight global heavy sour crude market and changing US trade flows are placing on coastal supply.The latest US price rally has run for thirteen consecutive weeks.New Jersey and US Gulf waterborne fob asphalt prices both surged above $420/st by the end of the first quarter,according to Argus assessments,posting year-to-date gains of 54pc and 58pc,respectively.Asphalt cracks have even climbed above traditionally more expensive,lighter oil commodities,reflected in the yawning gap between the price of asphalt and the price it generates sold as a feedstock in the coker market.By early April,a barrel of asphalt in the US Atlantic coast was commanding nearly $76/bl in the spot market,or around 108pc of the value of Ice Brent.