NewsFlashInitial US Nov benzene drops 62%

31 October 2008 21:46  [Source: ICIS news]

HOUSTON (ICIS news)--A US benzene contract for November was initially settled down 62% to $1.60/gal ($480/tonne, €370/tonne), market observers said on Friday.

The FOB (free on board) USG (US Gulf) settlement, down $2.64 from October, was the largest contract drop on record and the lowest contract price since December 2003, according to global chemical market intelligence service ICIS pricing.

Since the settlement of October contracts, US benzene spot barges for October and November delivery had 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.

($1 = €0.77)

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By: Landon Feller
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