US July benzene contracts jumped nearly 40% from June as rising crude oil prices and the resumption of the economy provided support to spot pricing. Market sources informed SSESSMENTS.COM that the US benzene contract for July stood at $1.38/gallon FOB US Gulf, an increase of 39 cents/gallon from 99 cents/gallon in the previous month.
US benzene contracts usually settle on the last working day of the previous month and are primarily determined by the average spot price during the month’s last ten days. US spot benzene settled at $1.355/gallon in the week ended June 26, rising from $1.00/gallon a month earlier. The report on easing global oil oversupply and lockdown restrictions helped to support crude and benzene prices.
