US producers seek 72 cent increase on January benzene contract

30 December 2010 17:28  [Source: ICIS news]

HOUSTON (ICIS)--US benzene producers nominated an increase of 72.00 cents/gal ($215/tonne) for January contracts following the recent surge in crude oil and benzene spot prices, market participants said on Thursday.

The January nomination of $4.00/gal FOB (free on board) was above the December settlement of $3.28/gal.

Current benzene spot prices were at $3.85-4.00/gal FOB, up from 1 December at $3.33-3.41/gal FOB, which indicates a likely increase.

Benzene contracts are typically settled on the final day of the month.

Major US benzene producers include BP, ExxonMobil, Flint Hills Resources, LyondellBasell, Shell, Sunoco and Total.

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By: Brian Balboa
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