21 January 2011 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday's midday European oil and chemical market summary from ICIS.
CRUDE: March WTI: $90.09/bbl, up $0.50/bbl. March BRENT: $97.20/bbl, up $0.63/bbl
A loss in the value of the US dollar against the euro and strong equities supported crude oil futures, which recovered from the previous day’s drop of more than $1/bbl.
NAPHTHA: $851-859/tonne, up $8/tonne
The cargo range gained from previous afternoon, driven by higher crude oil prices and a stronger crack spread. February swaps were assessed at $852-854/tonne.
BENZENE: $1,270-1,290/tonne, down $10/tonne on the buy side
The market was quiet this morning, and January bids were slightly lower. February was backwardated at $1,250-1,270/tonne, with bids for the first half of the month at a $5/tonne premium.
STYRENE: $1,385-1,400/tonne, down $20-25/tonne
February was valued lower this morning in a quiet market. There was no firm range heard for January, as it was the last day for nominations. March was valued at $1,390-1,410/tonne.
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