US spot benzene-crude spread remains steady

HOUSTON (ICIS)–The spread between US spot benzene prices and upstream crude oil futures was unchanged last week as both products firmed, ICIS analysis showed on Monday.

The spread between the two products was $1.09/gal for the week ended 7 October, steady with the prior week.

US spot benzene prices had moved higher by 4 cents/gal in a lightly traded market amid a major industry conference in Europe. US benchmark WTI crude oil futures at the close of 7 October also were higher by $1.57/bbl (4 cents/gal) than the prior week.

With the value of both products rising, the benzene-crude ratio moved slightly lower to 1.92, down from 1.95 the prior week.

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