24 January 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: March WTI: $95.52/bbl, up 29 cents/bbl. March BRENT: $112.58/bbl, down 22 cents/bbl
Brent crude oil futures edged lower from earlier gains despite positive economic data emerging from China. HSBC’s January preliminary Purchasing Managers Index was at 51.90, up from 51.50 in December - a figure above 50 points indicates growth.
NAPHTHA: $938-941/tonne, down $7/tonne
The cargo range lost ground from Wednesday afternoon on the back of a weaker crack spread. February swaps were assessed at $936-938/tonne.
BENZENE: $1,450-1,475/tonne, up $5/tonne on the sell side
January offers edged up this morning alongside steady Brent futures and balanced availability, although continued losses in both the US and Asia kept buyers on the sidelines. February was valued at $1,430-1,470/tonne, and offers later fell to $1,460/tonne.
STYRENE: $1,680-1,710/tonne, up $10/tonne
The market remained devoid of any bids so far this morning, as uncertainty surrounding benzene direction kept buying interest muted. January offers were at $1,710/tonne, while February offers were heard at $1,725/tonne.
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