30 September 2013 19:35 [Source: ICIS news]
HOUSTON (ICIS)--The US October benzene contract has settled at $4.37/gal ($1,308/tonne, €968/tonne), falling 3 cents/gal from September prices and following the recent weakness in the spot market, trade sources said on Monday.
The decline was also within market expectations last week that the October contract would settle within a range of $4.35-4.40/gal FOB (free on board).
The benzene spot market has been volatile during September, leading to a mixed reaction on which direction the October benzene contract would move.
Benzene spot prices peaked at about $4.55/gal in early September, following a nearly month-long increase in aromatics prices on the back of tight supply expectations. But spot prices dropped below $4.40/gal by the final week of the month.
Current benzene spot prices are at $4.23-4.32/gal FOB.
($1 = €0.74)
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