US July benzene contracts settle 19-20 cents lower at $2.51/gal: sources

US July benzene contract prices settled 19-20 cents lower Friday at $2.51/gal, sources said.

Both Phillips 66 and ExxonMobil settled contracts at that level, sources said.

Contracts were expected lower because of slow demand and ample feedstocks, despite low imports from Asia, sources said.

July could see a rebound in pricing because of a recent increase in derivative buying coupled with low imports, sources said, adding that price movement in crude would play a role.

July DDP was talked in a range of $2.45-$2.49/gal US Gulf Coast Friday prior to the Platts Market on Close assessment process, a source said.

US spot benzene prompt-month prices were last assessed Thursday at $2.47/gal DDP USG.