US March benzene contract rises 3 cents/gal on strong oil market

29 February 2012 20:57  [Source: ICIS news]

HOUSTON (ICIS)--US March benzene contracts settled on Wednesday at $4.23/gal ($1,266/tonne, €937/tonne), up 3 cents/gal from February on the back of continued high feedstock costs from the crude oil market.

The settlement marks the third consecutive monthly benzene contract increase and comes ahead of an expected increase in demand in March ahead of the US summer driving season.

Market participants had previous said the March benzene contract would be close to the February contract price of $4.20/gal FOB (free on board), as spot prices in the final two weeks of February were on either side of $4.20/gal.

Current prompt benzene spot prices were $4.14-4.18/gal FOB, up from $4.10-4.15/gal FOB on 1 February.

($1 = €0.74)

By: Brian Balboa
+1 713 525 2653

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