Spot benzene prices in the US continued to move south midweek, hitting a seven and a half week low with March near 405 cents/gallon DDP USG, according to Platts data.
The last time prices were at this level was in mid-February when the price was assessed at 410 cents/gal on January 14.
March spot benzene prices were talked Wednesday at 400-410 cents/gal DDP USG while April was talked flat to March. Participants pegged April at a slight discount with one source noting, "It's probably near 403 cents/gal give or take a penny."
Despite stronger crude values, benzene prices have fallen in recent days, pushed lower by improved supplies and diminished buy interest. Since the beginning of the month, spot benzene values were down roughly 16 cents/gallon. As of market close Tuesday, the spot price had fallen below the 5 (421.20 cents/gal), 20 (429.20 cents/gal) and 50-day (417.92 cents/gal) moving averages.
There was mixed sentiment in the market as to whether the trend would continue.
"I think it will be below 400 in April," said one participant.
Another source, however, said he anticipated the market would see some levels of support near the $4/gallon mark.
