29 November 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: January WTI: $87.58/bbl, up $1.09/bbl. January BRENT: $110.72/bbl, up $1.21/bbl
Crude oil futures gained, supported by hopes that Democrats and Republicans in the US will agree on tax and spending measures.
NAPHTHA: $945-946/tonne, up $18/tonne
The cargo range made gains from Wednesday afternoon, driven by higher crude oil values. December swaps were assessed at $936-938/tonne.
BENZENE: $1,410-1,430/tonne, down $5/tonne
December opened marginally lower while January remains in a slight contango at $1,415-1,435/tonne. With spot prices comfortably above $1,400/tonne CIF ARA, however, a sizeable increase is predicted for the monthly contract later this week.
STYRENE: $1,540-1,575/tonne, down $20/tonne on the buy side
Bids for December were lower as buyers resisted ongoing upward pressure from benzene. Sellers maintained offer levels, with growing concerns regarding prompt supply despite seasonally low demand supporting the uptrend.
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