03 January 2012 17:25 [Source: ICIS news]
HOUSTON (ICIS)--US January benzene contracts settled at $3.70/gal ($1,107/tonne, €852/tonne), up 70 cents/gal from December on the back of strong demand, higher crude futures and short supply positions, market participants.
With many petrochemical producers destocking inventories in December for end-of-year tax purposes, NYMEX WTI crude futures rebounded to $90/bbl.
Trade sources said some market participants that held off buying in the fourth quarter because of the global market uncertainty were caught short on inventory as demand came back and crude prices moved higher.
($1 = €0.77)
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