NOON SNAPSHOT - Europe Markets Summary

30 March 2011 11:58  [Source: ICIS news]

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

CRUDE: May WTI: $104.29/bbl, down $0.50/bbl. May BRENT: $114.66/bbl, down $0.50/bbl
Futures traded in negative territory on news of higher crude inventories in the US. However, reports that Muammar Gaddafi’s forces had contained rebel advancements added to concerns that disruptions to oil supplies from Libya would continue, providing strong upward pressure on prices.

NAPHTHA: $980-988/tonne, down $1/tonne
The cargo range edged down from the previous afternoon as the effects of lower crude oil prices overrode those of a stronger crack spread. April swaps were assessed at $975-977/tonne.

BENZENE: $1,190-1,200/tonne, steady
The European benzene market was quiet a day ahead of the April contract settlement. April and May spot benzene were assessed flat.

STYRENE: $1,480-1,495/tonne, down $5/tonne
The European aromatics complex, including the styrene market, was very quiet, as many active participants were returning from the annual International Petrochemical Conference meeting in San Antonio, Texas, in the US. May styrene was valued at $1,460-1,475/tonne.

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By: Staff Reporter
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