27 June 2005 22:59 [Source: ICIS news]
HOUSTON (CNI)--US prompt benzene spot prices moved past $3/gal Monday for the first time since 27 April with traders citing rising crude prices for the increase.
Traders said July spot business was completed today at $3.03/gal FOB USG. But later in the day traders said the July bid/offer range was difficult to assess. Some traders said bullish July spot offers were as high as $3.30/gal FOB USG. Others estimated the July bid/offer range at $3.05-3.15/gal FOB USG.
In late April US benzene spot prices were talked at $3.05-3.10/gal FOB USG.
The increase in benzene spot prices is attributed to the persistent rise in crude oil prices. On Monday the Nymex August crude oil contract closed up 70 cents/bbl at $60.54/bbl. The August crude oil contract rose to as high as $60.95/bbl on Monday. The August crude oil contract has increased $2.45/bbl since June 22 when it became the spot month contract.
The increase in benzene spot prices is expected to result in higher styrene monomer (SM) spot prices for July loading. Traders said today that SM spot offers were difficult to assess, with sellers remaining on the sidelines until they can see how European and Asian SM spot markets react to the increase in US benzene spot prices.
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