31 May 2013 21:34 [Source: ICIS news]
HOUSTON (ICIS)--Market participants said on Friday afternoon that the June benzene contract has settled at $4.42/gal ($1,323/tonne), down 5 cents/lb from the May contract price on the back of ample supply and recent weakness in the spot market.
The lower contract settlement was in line with market expectations from earlier in the week.
The US benzene market has been well supplied since the start of 2013.
Weaker spot prices this week, which were brought on by the ample supply and lower spot levels in Europe and Asia also supported the drop in the June contract.
Current benzene spot prices are at $4.32-4.35/gal free on board (FOB), well below the May contract price of $4.47/gal.
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