The January US benzene contract price rose to a settlement of $4.84/gal ($1,448.62/mt), sources said Thursday.

The settlement is up 36 cents and 37 cents from December's split settlement of $4.48/gal and $4.49/gal.

Market participants expected an increase in the benzene contract price as short covering amid low stocks led to upward movement in pricing. It's the highest settlement since $4.80/gal in January 2013, according to Platts data.

US spot prices averaged around $4.73/gal FOB US Gulf Coast in December, Platts data showed.

Spot benzene was bid at $4.76/gal and offered at $4.84/gal Thursday morning.