19 December 2012 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: January WTI: $88.38/bbl, up 45 cents/bbl. February BRENT: $109.70/bbl, up 86 cents/bbl
Crude oil futures gained on the hopes that US law makers will agree on a budget plan to prevent the country from slipping into recession. Prices were also supported by a 4.10m bbl drop in US crude oil stocks according to the American Petroleum Institute.
NAPHTHA: $963-965/tonne, up $7/tonne
The cargo range climbed, driven by higher crude oil prices. January swaps were assessed at $943-945/tonne.
BENZENE: $1,495-1,520/tonne, bids ease
Bids were lower but offers failed to move from $1,520/tonne. The lower bids follow a December deal at $1,500/tonne. So far this week, December has traded in a $1,500-1,515/tonne price range. January has traded at $1,525-1,530/tonne.
STYRENE: $1,610-1,645/tonne, bids ease
Bids were at $1,610-1,620/tonne but failed to attract any offers. January was valued at $1,660-1,710/tonne. No public deals were noted in morning trading.
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