US February benzene declines on upstream pressure

Larry Terry

30-Jan-2015

HOUSTON (ICIS)–The US February benzene contract settled at $2.01/gal, down 8.6% from January’s record low $2.20/gal and the seventh consecutive monthly decline, sources confirmed on Friday.

Concurrently, US prompt February benzene spot values also were sharply lower in a range of $1.88-2.00/gal versus $2.13-2.15/gal a week ago, as crude-oil values continued to be volatile but predominantly weaker despite a surge on Friday.

A source suggested sentiment accompanying talk of additional volume in the market may have led to weaker benzene spot ranges as February spot benzene shifted to the prompt position.

FOB (freight on board) deals were heard most often at a 4-5 cent/gal premium over DDP (delivered duty paid), and the benzene market remained in contango.

Major US benzene producers include ExxonMobil, Flint Hills Resources, LyondellBasell, Marathon, Shell, and Phillips 66.

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