US spot benzene Wednesday was assessed at $4.17/gal ($1,246.83/mt) FOB US Gulf Coast, up 5 cents/gal ($14.95/mt) from Tuesday, tracking higher European benzene spot prices, sources said.
The last time US spot benzene was at this level was October 11, when it was assessed at $4.19/gal FOB USG, according to Platts data.
European benzene Wednesday was assessed at $1,218.50/mt CIF Amsterdam-Rotterdam-Antwerp, up $28.50/mt since Tuesday.
US spot benzene bid-offer ranges for November were heard Wednesday at $4.14-$4.20/gal FOB USG throughout the day.
US spot benzene has climbed consistently over the last week since being assessed at $4.01/gal FOB USG November 7.
However, a source said the recent rise in US spot benzene prices might be short-lived as demand in downstream styrene and phenol in the US has been heard weak and more benzene from Asia is expected to start heading to the US.
The higher US spot benzene prices have narrowed the spread between styrene and benzene, with the styrene-benzene spread dropping below $300/mt Wednesday to $283.16/mt, according to Platts data, after styrene fell to an assessment at 69.40 cents/lb ($1,529.99/mt) FOB USG, down 0.10 cent/lb ($2.20/mt) since Tuesday.
