22 June 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: August WTI: $78.65/bbl, up 45 cents/bbl. August BRENT: $90.10/bbl, up 87 cents/bbl
Crude prices plunged to new-18 month lows in early trading after 15 of the world’s largest banks had their credit ratings cut by the Moody’s agency, sending tremors through global stock markets. However, this encouraged a bout of pre-weekend profit-taking and prices quickly regained lost ground.
BENZENE: $1,245-1,300/tonne, up $10-50/tonne
Spot bids and offers for June are totally detached from crude price developments because there is not a single molecule available in the market, sources said. July was valued in a $1,160-1,200/tonne price range, with August heavily backwardated at $1,040-1,090/tonne.
STYRENE: $1,250-1,290/tonne, down $20-35/tonne
Spot prices were a touch softer in a quiet market, despite another upward movement in the price of benzene. June was valued at $1,250-1,290/tonne CIF ARA, with July at $1,275-1,300/tonne. August was backwardated at $1,250-1,280/tonne. A late June deal was done on Thursday evening at $1,275/tonne.
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