30 April 2013 16:30 [Source: ICIS news]
HOUSTON (ICIS)--The US May benzene contract gained 11 cents/gal ($33/tonne, €25/tonne) to settle at $4.47/gal, trade sources said today. The increase follows the recent jump in April benzene spot prices, which came on the back of stronger energy prices, higher benzene prices overseas and some short-cover positions earlier in the month.
The May settlement also represented the first contract increase in three months.
The increase in the May benzene contract was in line with expectations of a higher price, but slightly under the 12-14 cent/gal jump market participants were forecasting yesterday.
Meanwhile, current benzene spot prices this morning were discussed at $4.44-4.49/gal FOB (free on board), up from $4.26-4.33/gal FOB on 1 April.
The spot range was also up from the April benzene contract price of $4.36/gal FOB.
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