31 March 2011 23:55 [Source: ICIS news]
HOUSTON (ICIS)--The US April benzene contract settled down 51 cents/gal ($153/tonne, €109/tonne), trade sources said on Thursday.
The drop brought prices to $3.88/gal FOB (free on board).
The decline was in line with market expectations earlier in the week, following weaker spot prices throughout March.
Trade sources said high benzene spot prices in late February were driven by speculation, which led to a market correction in March.
Producer price nominations for April contracts were not disclosed.
The March benzene contract was settled at $4.39/gal FOB.
Major US benzene producers include BP, ExxonMobil, Flint Hills, LyondellBasell, Shell and Total.
($1 = €0.71)
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