09 November 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: December WTI: $84.91/bbl, down 18 cents/bbl. Dec BRENT: $107.14/bbl, down 11 cents/bbl
Prices were pressured during the morning session on a firmer US dollar. Demand concerns generated by weakness in the ?xml:namespace>
NAPHTHA: $915-920/tonne, stable
The cargo range held steady as a result of stable crude oil prices and an unchanged crack spread. December swaps were assessed at $897-898/tonne.
BENZENE: $1,360-1,390/tonne, down $10-20/tonne
November offers opened at $1,390/tonne but there were initially no firm bids, with buyers waiting for a sense direction from crude, which continued to hover around the $107/bbl mark amid macroeconomic bearishness. December was valued at $1,355-1,375/tonne.
STYRENE: $1,500-1,530/tonne, down $25-45/tonne
November continued to slide on weak downstream demand, despite poor production margins with benzene and the force majeure at Shell’s Moerdijk site. December was in contango at $1,530-1,580/tonne.
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