31 May 2012 22:17 [Source: ICIS news]
Correction: In the ICIS news story headlined “US June benzene contract drops 11 cents/gal on weak fundamentals” dated 31 May 2012, please read in the headline ... "10 cents/gal" ... instead of ... "11 cents/gal".
HOUSTON (ICIS)--US June benzene contracts settled at $4.11/gal ($1,230/tonne, €996/tonne), down by 10 cents/gal on the back of weaker crude futures and thin demand from consumers, market participants confirmed on Thursday.
The decline was in line with market expectations from early May as spot prices dipped below $4.00/gal and reached a four-month low. Benzene spot price direction can typically influence the direction of the benzene contract.
However, benzene spot prices hit a monthly high of $4.24-4.26/gal FOB (free on board) on 24 May, because of a short-lived rebound in crude futures, short-term demand from buyers and higher benzene prices in Europe.
Crude prices moderated again this week falling back below the $90/bbl mark, while benzene spot prices followed suit.
Current benzene spot prices were discussed at $3.90-4.00/gal FOB, down from spot prices of $4.20-4.23/gal FOB on 1 May.
($1 = €0.81)
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