US July benzene contracts settle lower

HOUSTON (ICIS)–US July benzene contracts settled at a single level of $2.51/gal DDP on Friday, according to market sources. The July contract was down 19-20 cents/gal from June.

Sources had been expecting July contracts to settle at around $2.50/gal earlier in the week, following developments in the spot market, where July deals have been heard in the range of $2.50-2.51/gal during the week.

Benzene contract prices typically settle on the last day of the prior month and are heavily influenced by prices in the spot market.

Spot prices firmed this week, tracking upward movements in crude oil pricing. However, prices moved down a bit near the end of the week due to the ongoing shutdown at Ineos Styrolution’s Bayport styrene plant.

The July contract settlement marks the lowest figure seen for the benzene settlement since December of 2016.