15 May 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $94.70/bbl, down 8 cents/bbl. June BRENT: $111.99/bbl, up 42 cents/bbl
ICE Brent crude oil futures were trading at firmer levels as the market found support from the latest European GDP figures which showed the region had avoided entering recession.
NAPHTHA: $891-899/tonne, up $2/tonne
The cargo range edged up as the effects of higher crude oil prices overrode those of a softer crack spread. June swaps were assessed at $894-896/tonne.
BENZENE: $1,185-1,205/tonne, up $5-10/tonne
May opened slightly firmer as crude losses stabilised and the prompt market remains characterised by tightness. June was backwardated at $1,175-1,195/tonne.
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