The February US benzene contract price settled 36 cents/gal ($107.64/mt) lower at $4.80/gal ($1,435.20/mt), sources said Thursday.
The last time the benzene CP settled lower was in September, when it settled at $4.20/gal, down 40 cents from August.
Sources expected a drop in the CP settlement due to lower spot benzene prices that have been trending downward since January 18, when it was assessed at $4.98/gal FOB US Gulf Coast. Spot levels have been pressured by excess supply from derivative turnarounds and steady benzene imports from Asia against limited demand support.
Expectations were heard as low as $4.75/gal, according to sources. The previous US benzene contract price, in January, settled at $5.16/gal.
US spot benzene for February was assessed at $4.77/gal FOB USG Wednesday and was talked early Thursday in the range of $4.61-$4.72/gal FOB USG.
