The US January benzene contract was heard by sources Tuesday to settle at $3.70/gal ($897/mt), up 19% from the December contract settle of $3/gal ($941.85/mt).
The increase in the contract price reflected recent gains seen in spot prices. Spot benzene gained roughly 62.50 cents/gal throughout December on the back of higher benzene values in Europe and Asia.
European spot benzene prices gained roughly $215/mt in December, boosted by good derivative demand and supply constraints as buyers seek to replenish stocks after the end of the year. Additionally, sources in the European market reported that 30,000 mt of benzene had left the Amsterdam-Rotterdam-Antwerp trading hub for the US in December. Meanwhile in Asia, prices were up $119/mt throughout December on stronger US demand.
Higher energy prices in the US also lent support to benzene as RBOB prices gained roughly 15 cents/gal in December. February NYMEX RBOB futures had rallied 10 cents to $2.7547/gal prior to the end of floor trading Tuesday.
Spot benzene prices in the US continued to trend higher to start the new year, with January talked at $3.75-3.90/gal DDP USG while February was heard at $3.77-4/gal DDP USG. No confirmed trades were heard Tuesday.
