Spot benzene prices in the US Gulf Coast rose on September 18, tracking higher prompt October cargoes amid tight supply.
"Prompt is very tight," said one benzene trader. Reduced availability continues to be a key factor driving benzene prices to levels not seen in more than four years.
From the current perspective, all signs point upward, according to one benzene market source, who agreed that spot prices are expected to maintain their bullish momentum given the strength in the gasoline market.
September benzene assessments were at 569 cents/gallon DDP, up 9 cents day-on-day (DoD). October cargo assessments stood at 544 cents/gallon DDP, up 10 cents, while November cargo assessments were at 507 cents/gallon DDP, also up 10 cents DoD.
On an FOB basis, September benzene was assessed at 571 cents/gallon, up 9 cents DoD. October cargoes were valued at 546 cents/gallon FOB, up 10 cents, and November cargoes at 509 cents/gallon FOB, up 10 cents DoD.
The benzene-to-crude ratio for the day was calculated at 2.34. Spot ethylbenzene (EB) for September was assessed at 519 cents/gallon DDP, up 2 cents, while October EB DDP was valued at 486 cents/gallon DDP, up 1 cent DoD.
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