Benzene Hasn’t Settled Yet
US March benzene contracts not settled
Houston (Platts)–2Mar2015/1255 pm EST/1755 GMT
Recent gains in US benzene spot pricing has kept US March contract settlements from happening yet, sources said Monday. US benzene contracts typically settle during the last day of the preceding month.
US spot benzene has recently moved higher because of stronger buying interest ahead of the March contract price settlement and as sentiment was boosted by global upward movement in derivative styrene prices, sources said.
Some participants think higher benzene pricing will be short-lived, while others think the market could continue to firm because of tight supply in derivative styrene globally and lower benzene imports from Asia.
Contracts are expected by market participants to settle Monday. Price indications on March contracts were last heard Friday at $2.03/gal.
February contracts settled at $2.01/gal.
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