26 January 2011 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: March WTI: $86.75/bbl, up $0.56/bbl. March BRENT: $96.40/bbl, up $1.15/bbl
Crude futures made large gains due to a stronger euro against the US dollar and upward movements in the stock markets.
NAPHTHA: $813-821/tonne, down $6/tonne
The cargo range fell from Tuesday afternoon, on the back of a weaker crack spread. February swaps were assessed at $821-823/tonne.
BENZENE: $1,310-1,340/tonne, up $40-60/tonne
February values rebounded as crude futures reversed some of the losses seen this week. A deal was heard at $1,300/tonne, and the bid/offer range moved up further on stronger sentiment. February later traded at $1,330/tonne and $1,340/tonne amid talk of production problems with one major supplier.
STYRENE: $1,440-1,460/tonne, up $25-35/tonne
February moved up this morning in line with stronger upstream numbers and a continued weak spread with benzene. There was no January business discussed, while March was assessed flat with February.
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