04 December 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: January WTI: $89.08/bbl, down 1 cent/bbl,. January BRENT: $110.55/bbl, down 37 cents/bbl
Crude oil futures edged lower on Tuesday pressured by mixed stock performances in the Asia-Pacific region. Prices were also put under pressure by calls from an anti-bailout party in Greece for a delay in the country's repayment of rescue loans.
NAPHTHA: $938-940/tonne, down $10/tonne
The cargo range lost ground from Monday afternoon on the back of lower crude oil prices and a weaker crack spread. January swaps were assessed at $923-925/tonne.
BENZENE: $1,440-1,470/tonne, up $30-50/tonne
December opened higher this morning amid continued bullishness in both the US and Asia. January bids were also at $1,440/tonne but not met with any offers.
STYRENE: $1,540-1,600/tonne, up $40/tonne on the sell side
December offers edged up this morning alongside benzene, as sellers look to recoup some margin with the feedstock. Buyers have so far been reluctant to follow amid a weak outlook for demand, although December later traded at $1,560/tonne. January was in contango at $1,580-1,610/tonne. An initial December barge contract was agreed between one pair of settlers at €1,428/tonne FOB ARA, up €15/tonne from the previous month.
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