26 October 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: December WTI: $85.35/bbl, down 70 cents/bbl. December BRENT: $108.15/bbl, down 34 cents/bbl
Crude prices traded in negative territory amid expectations that US GDP data due out later in the day will be below expectations.
NAPHTHA: $926-934/tonne, up $4/tonne
The cargo range edged up from Thursday afternoon, driven by slightly higher crude oil prices and a firmer crack spread. November swaps were assessed at $918-919/tonne.
BENZENE: $1,370-1,420/tonne, up $30-40/tonne
European benzene spot price ideas for October rose by $30-40/tonne because of tight supply. Any November was backwardated at $1,340-1,360/tonne, while H1 was wider at $1,350-1,410/tonne. December bids and offers were further backwardated at $1,300-1,350/tonne, and January was talked at $1,325-1,375/tonne. Although October material continues to be offered, there were no firm deals concluded during the morning session.
STYRENE: $1,520-1,550/tonne, up $35/tonne
November styrene bids and offers rose during the morning session on the back of firmer benzene prices. November bids and offers were at $1,520-1,550/tonne. A November deal was reported by the buyer at $1,520/tonne, but could not be confirmed by the seller by the time of publication. December was flat with November. October spot price offers have disappeared from the market.
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