07 November 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: December WTI: $87.84/bbl, down 87 cents/bbl. December BRENT: $110.06/bbl, down $1.01/bbl
Futures lost more than $1/bbl as investors’ attention returned to concerns over the global economy, following the re-election of Barack Obama as US president.
BENZENE: $1,425-1,440/tonne, up $45/tonne
The market continued to push upwards this morning amid bullish sentiment and the continued tight availability of pyrolysis gasoline (pygas). Rising styrene values also supported this uptrend. December was backwardated at $1,395-1,415/tonne.
STYRENE: $1,600-1,620/tonne, steady
November was steady, with offers at $1,620/tonne following deals yesterday at $1,570/tonne, $1,580/tonne and $1,600/tonne. December offers were also at $1,620/tonne, while January was in contango with offers at $1,630/tonne.
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