US Feb benzene settles at $4.35/gal, third-highest contract ever

28 January 2011 23:00  [Source: ICIS news]

HOUSTON (ICIS)--The US February benzene contract was settled at $4.35/gal FOB on Friday, up 51 cents/gal from January following stronger spot prices and tight prompt inventories during the month.

The settlement was the third-highest US benzene contract ever, falling below $4.45/gal ($1,332/tonne, €972/tonne) FOB (free on board) in August 2008 and $4.46/gal FOB in September 2008.

The settlement also came as US spot prices were driven up this week because of stronger prices and production problems in Europe.

Contract nominations were not disclosed, but the February increase was in line with market expectations that the benzene contract would surpass $4.00/gal FOB.

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

($1 = €0.73)

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By: Brian Balboa
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