Spot benzene started the day at 335-345 cents/gal ($1,002-1,032/mt) DDP USG for October. Around mid-morning, November DDP transacted at 342 cents/gal.
Around noon, one trader said, "It's not possible to repeat 342 (cents/gal) now....Buyers are trying to chase 342 and 343."
An offer was heard at 349 cents/gal DDP USG for October.
At 12:28 (1728), November crude futures on the NYMEX were trading at $81.44, down $1.25 from the previous day.
"A few people waited too long (to buy)," one source explained. "October is still short, November is following. Styrene has been actively exported to Asia, so producers need to cover feeds. Ethylene is still competitive so there's room to pay on the benzene side."
Another participant said, "The momentum is strong."
On Thursday, benzene ended the day at 334 cents/gal FOB USG for October and November. However several late reported trades, for more than 80,000 barrels of volume, were done. Around noon Houston time yesterday, 335 and 336 cents/gal transacted. By late day, as high as 338 cents/gal traded. Sellers stepped away momentarily but then returned, offering above 340 cents/gal.
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