25 January 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: March WTI: $96.36/bbl, up 41 cents/bbl. March BRENT: $113.48/bbl, up 20 cents/bbl
Crude oil futures edged higher on Friday supported by positive sentiment from HSBC’s Purchasing Managers’ Index data from China and US jobless claims falling to five-year lows. Security concerns in Libya are also providing support to the market on fear of supply constraints.
NAPHTHA: $943-945/tonne, steady
The cargo range held steady from Thursday afternoon as a result of stable crude oil prices and little-changed crack spread. February swaps were assessed at $943/tonne.
BENZENE: $1,410-1,430/tonne, down $20-30/tonne
February offers opened at $1,455/tonne but there were no corresponding bids. The first half of the month was offered at $1,460/tonne. Offers continued to drift downwards as the morning progressed. January was quiet and valued flat with the forward month.
STYRENE: $1,680-1,710/tonne, steady
Offers for January and February were at $1,710/tonne this morning but not met with any bids. However, buyers were at $1,700/tonne for March but there were no corresponding offers, as the outlook for later in the first quarter remains bullish.
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