19 October 2012 20:44 [Source: ICIS news]
HOUSTON (ICIS)--US benzene spot prices achieved record highs on Friday because of continued tightness in supply.
The tight supply had also been attributed to a delay in import shipments from Asia, which was also facing tight supply and limited cargo space, and low production rates.
But as spot levels moved above the $5.00/gal mark this week, trade sources were also citing short cover positions held by some market participants.
Prompt benzene spot prices were discussed at $5.10-5.80/gal DDP (duty, delivered paid)
The record high bid/offer levels were up from record highs previously seen in mid-July, which was also brought on mostly by short supply positions held by traders.
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