The Octane Premium Battle

Toluene's high octane rating makes it a 'must-have' for gasoline blenders this season. Refiners are reportedly paying massive premiums for any available spot volumes, effectively locking solvent and chemical users out of the market.

Regional Isolation

The blockade of the Strait of Hormuz has isolated Western toluene markets from Asian supply, preventing the typical arbitrage that would balance regional prices and keeping US premiums at record levels.