NOON SNAPSHOT – Europe Markets Summary

28 November 2012 12:00  [Source: ICIS news]

LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.

CRUDE: January WTI: $86.70/bbl, down 48 cents/bbl. January BRENT: $109.47/bbl, down 40 cents/bbl
Futures prices continued to be pressured on concerns over a looming budget crisis in the US. Supply worries generated by tensions in the Middle East limited the losses made.

NAPHTHA: $925-927/tonne, up $2/tonne
The cargo range edged up from Tuesday afternoon as the effects of a firmer crack spread overrode those of softer crude oil values. December swaps were assessed at $921-923/tonne.

BENZENE: $1,420-1,445/tonne, up $10-30/tonne
December continued to move up this morning on bullish Asian numbers, notably on the sell side. January was valued at $1,425-1,460/tonne.

STYRENE: $1,575-1,595/tonne, up $20-35/tonne
December offers were higher at $1,595/tonne alongside benzene this morning, as players looked to capitalise on the current bullish upstream market to recover some margin with feedstock costs. A deal was later done at $1,575/tonne. January was higher, with offers at $1,610/tonne and no firm bids.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
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