US September benzene contracts increase with higher spot prices
US September benzene contracts settled higher, tracking slightly higher spot prices in August.
Contracts increased 1 cent/gal ($3/tonne) from August to $2.55/gal FOB (free on board) in the US Gulf.
Spot prices increased at the end of August amid a delay in imports from Asia. US inventories are low and even brief disruptions in the flow of imports has the potential to lead to a short-term spike in prices.
Inventories are expected to improve as the arbitrage from Asia to the US remains open.
US benzene contracts typically settle on the last working day of the prior month and are largely determined by the average spot price over the last 10 days of the month.
Benzene is used to produce a number of intermediates that are used to create polymers, solvents and detergents.
Major producers of US benzene include ExxonMobil, Marathon Petroleum, Shell, Flint Hills Resources, Chevron, CITGO, LyondellBasell, Valero and Total.
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