NOON SNAPSHOT - Europe Markets Summary

01 March 2011 12:00  [Source: ICIS news]

LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.

CRUDE: April WTI: $97.26/bbl, up $0.29/bbl. April BRENT: $112.36/bbl, up $0.56/bbl
News of Saudi Arabia increasing its oil output to cover the disruption from Libya provided some downward pressure. However, futures traded in positive territory as fears remained over the ongoing unrest in the Middle East and North Africa adding greater interruptions to supplies.

NAPHTHA: $947-955/tonne, down $4/tonne
The cargo range slipped slightly from Monday afternoon as the effects of a stronger crack spread were overridden by those of lower crude oil prices. March swaps were assessed at $952-954/tonne.

BENZENE: $1,365-1,385/tonne, up $20-30/tonne
March bids and offers moved up following the CP settlement at $1,378/tonne. April remained backwardated at $1,315-1,345/tonne.

STYRENE: $1,530-1,545/tonne, up $5-10/tonne
March was firmer this morning in line with benzene gains and continued buoyancy for crude futures. There was no clear range for April discussed yet.

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By: Staff Reporter
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