Market participants anticipated a settlement around this level after February pricing had been around this level during the end of January.
Arbitrage opportunities to the US have been limited since mid-November, based on S&P Global Platts data. There are bullish expectations in the market for March benzene pricing as a result.
“Styrene maintenance will come to an end toward the end of February and benzene demand will strengthen,” a source said, adding the US could only have low imports for so long.
Benzene contracts previously settled for January at $3.22/gal.
Spot pricing for February was last assessed Tuesday at $3.10/gal FOB US Gulf Coast and $3.08/gal DDP USG, based on S&P Global Platts data. –John Calton.