NOON SNAPSHOT – Europe Markets Summary

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

CRUDE: May WTI: $103.42/bbl, up 64 cents/bbl. May BRENT: $123.32/bbl, up 93 cents/bbl
Crude oil futures were trading in positive territory on Friday supported by firmer stock markets and a weaker US dollar. Prices were also supported by continued concerns for supply coming from the Middle East.

NAPHTHA: $1,050–1,058/tonne, up $2/tonne
The cargo range edged up from Thursday afternoon because of slightly higher crude oil prices. April swaps were assessed at $1,047–1,048/tonne.

BENZENE: $1,165–1,180/tonne, down $5/tonne on the buy side
April bids fell by $5/tonne despite higher crude numbers, as players wait for the monthly contract settlement. May is in contango at $1,175–1,195/tonne.

STYRENE: $1,435–1,455/tonne, steady
April is steady in a quiet market as players travel to the American Fuels and Petrochemical Manufacturers' (AFPM) conference in San Antonio, Texas, in the US. May is backwardated at $1,430–1,440/tonne.