11 January 2014 00:14 [Source: ICIS news]
Correction: In the ICIS story headlined "US benzene trades above $5.00/gal on tight market" dated 11 January 2014, please read in the third paragraph ... "since January 2013" ... instead of ... "since January of 2012". A corrected story follows:
HOUSTON (ICIS)--US prompt January benzene spot prices moved above the $5.00/gal ($1,497/tonne) mark on Friday alongside tight supply availability and short cover positions, sources said.
January benzene traded at $5.05/gal and $5.08/gal during the day on a DDP (duty, delivered paid) basis.
US benzene spot prices have not been at $5.00/gal since January 2013.
US benzene supply had been long for much of 2013, but tighter supply late in the fourth quarter had put pressure on spot prices.
Benzene spot prices have been gradually moving up since November.
Although supply has been tight recently, a large majority of US benzene market participants have said they expect the market to be long for much of 2014.
Many trade participants added that they expect 2014 supply demand balances to be similar to 2013.
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