Expectations for US Nov benzene at $1.60/gal

31 October 2008 20:00  [Source: ICIS news]

HOUSTON (ICIS news)--November benzene contracts in the US could settle around 160 cents/gal FOB (free on board), a drop of more than 60% from the October price, sources said as negotiations continued on Friday.

Other buyers were anticipating a settlement in the $1.50s/gal, but all indications were that November contracts would settle on 31 October at below $2.00/gal.

The US October benzene contract settled down 22 cents at $4.24/gal, after the September contract hit an all-time high.

Since the settlement of October contracts, US benzene spot barges for October and November delivery have fallen by $2.50/gal, which participants attributed to weak demand and crude oil price erosion.

Major US benzene producers include LyondellBasell, ExxonMobil and Chevron Phillips Chemical.

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By: Landon Feller
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