US May benzene rises 9 cents/gal on tight supply positions

30 April 2012 23:21  [Source: ICIS news]

HOUSTON (ICIS)--US May benzene contracts settled at $4.21/gal ($1,260/tonne, €958/tonne), up 9 cents/gal, trade participants on Monday, citing tight inventory positions held by some traders in late April.

Most benzene traders expected May contracts to move lower in early April, because of weak demand from the downstream styrenics market. Some trade sources have even forecast weaker benzene prices through June and July.

However, spot prices moved above the $4.20/gal mark in mid-April as some traders found themselves having to buy additional inventories.

Current benzene spot prices were at $4.18-4.22/gal FOB (free on board), up from $4.06-4.10/gal FOB on 1 April.

($1 = €0.76)

By: Brian Balboa
+1 713 525 2653

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