08 November 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: December WTI: $85.31/bbl, up 87 cents/bbl. December BRENT: $107.77/bbl, up 95 cents/bbl
Futures surged into positive territory as buyers re-entered the market following declines of more than $4/bbl during the previous session. Prices had tumbled on renewed concerns over the health of the US and European economies, as well as an unexpected rise in US gasoline inventories.
NAPHTHA: $927-929/tonne, up $1/tonne.
The cargo range edged up from Wednesday afternoon as the effects of a stronger crack spread overrode those of slightly lower crude oil prices. December swaps were assessed at $904-907/tonne.
BENZENE: $1,365-1,400/tonne, down $20-35/tonne
November traded late yesterday at $1,390/tonne and offers moved down to $1,400/tonne. December was offered at $1,390-1,395/tonne this morning, but this was not met with any firm bids.
STYRENE: $1,560-1,580/tonne, down $10/tonne
November offers moved down as low as $1,570/tonne late yesterday, but opened slightly higher alongside crude gains and continued upward pressure from the benzene market, as production margins remain squeezed. December was also offered at $1,580/tonne.
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