30 January 2014 20:52 [Source: ICIS news]
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HOUSTON (ICIS)--US aromatics trade sources said on Thursday that they expect the upcoming February benzene contract to settle well above the $5.00/gal ($1,497/tonne) mark, following the recent uptick in barge spot prices.
One market source said it expected the February benzene contract to settle within a range of $5.15-5.20/gal FOB (free on board), above the January contract price of $4.84/gal FOB.
Other trade sources have said that they expect the February benzene contract to be within a range of $5.07-5.10/gal.
Continued tight supply and short-cover positions have led the US benzene spot market trade at record highs earlier in the month, which would support an increase for the February contract.
Current benzene spot prices are at $5.00-5.27/gal FOB.
The US benzene contract is expected to settle on Friday. The contract typically settles on the final day of the month.
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