12 July 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: August WTI: $84.95/bbl, down 86 cents/bbl. August BRENT: $99.35/bbl, down 88 cents/bbl
Prices fell after the monthly oil market report from the International Energy Agency (IEA) showed growing global stock levels amid ample crude oil supplies and weak demand.
NAPHTHA: $803-809/tonne, down $4/tonne
The cargo range slipped as a result of a weaker crack spread. August swaps were assessed at $795-797/tonne.
BENZENE: $1,350-1,380/tonne, up $25-30/tonne
July was firmer on continued prompt tightness while August remains backwardated at $1,250-1,275/tonne.
STYRENE: $1,400-1,420/tonne, down $10/tonne
Following a quiet day on Wednesday amid firming benzene prices, styrene remained subdued. July was slightly lower, while August was still in contango at $1,410-1,435/tonne.
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