27 February 2013 21:06 [Source: ICIS news]
HOUSTON (ICIS)--US benzene trade participants said on Wednesday they expect a lower contract settlement for March, based on weaker spot prices seen this week.
Some trade sources said they expected the March benzene contract to settle within a range of $4.70-4.73/gal ($1,407-1,416/tonne, €1,083-1,090/tonne).
Current prompt benzene spot prices were discussed at $4.57-4.68/gal FOB (free on board), which is well below the February contract price of $4.80/gal.
The benzene spot prices have come down on a combination of weaker energy and lower prices in Europe and Asia.
If the March benzene contract settles lower, it would represent the second consecutive monthly decline for the benzene contract.
The US February benzene contract dropped by 36 cents/gal as lower spot prices and improved supply conditions overseas influenced the US market.
The US benzene contract price typically settles at the end of the month.
($1 = €0.77)
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