April US benzene contracts were split at a settlement of $2.17-$2.19/gal ($649-$655/mt), sources said Thursday.
Phillips 66 had settled contracts at $2.19/gal, while ExxonMobil had settled contracts at $2.17/gal, sources said.
This marked a 41-43 cents/gal rise from March's split settlement at $1.76-$1.78/gal ($526-$532/mt).
April's settlement marked the third consecutive split settlement. This was in line with market expectations in the $2.15-$2.19/gal range.
Market participants have bullish views into May because of closed arbitrages to the US from Asia and Europe and expectations of toluene to go into gasoline, meaning less benzene from toluene disproportionation, sources said. However, supply is currently ample and expected to be that way at least until the end of April, sources said.
US April benzene was talked in a range of $2.10-$2.19/gal FOB US Gulf Coast, and was last assessed Wednesday at $2.16/gal FOB USG.
