US December benzene contract sees split settlement
Renzo Pipoli
02-Dec-2013
HOUSTON (ICIS)–The US Gulf benzene contract was agreed to at a split settlement for December, trade participants confirmed on Monday.
The December benzene contract settled at $4.48-4.49/gal ($1,341-1,344/tonne, €992-995/tonne), representing an increase of 38-39 cents/gal from the US November benzene contract settlement of $4.10/gal.
The increase follows US benzene spot prices higher, which had seen an increase in mid-November in part due to news of Chevron’s Pascagoula refinery fire in Mississippi.
Stronger benzene prices overseas and a need to cover short positions in November also played a role in the rise, sources said.
It was the first split benzene contract settlement in years, according to market participants.
Additional reporting by Brian Balboa
($1 = €0.74)
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