- The June-July benzene-backwardation narrows when buy
interest extends forward- Styrene units are restarted as planned: Sources



US June DDP benzene rose sharply, rising by
30c/gal to 696c/gal on June 14. This was despite low volatility in upstream
energy and strong buyer interest. On
that day, buy interest emerged. It opened at 670c/gal and closed at 695c/gal
with no offers. A source said that
liquidity was scarce for benzene due to volatility in gasoline futures and
crude futures. This is because benzene derivative demand continued into the
gasoline pool. WTI crude futures hit an
intraday high of $123.68-140.50/b, before falling to $2-3/b at $118.93/b. 93/b. Before settling
down to 4. 15 cents/gal at $3. 9928/b. 9928/b. However, it was reported that buyers seeking to offset a
shortage of benzene expressed an interest in purchasing benzene at higher
levels than...