07 February 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: March WTI: $96.90/bbl, up 28 cents/bbl. March BRENT: $117.55/bbl, up 82 cents/bbl
Crude prices gained ground ahead of the meeting of the European Central Bank, which it was hoped would signal an improvement in the eurozone economy.
NAPHTHA: $986-1,002/tonne, up $5/tonne
The cargo range climbed as the effects of higher crude oil prices overrode those of a weaker crack spread. March swaps were assessed at $966-968/tonne
BENZENE: $1,405-1,430/tonne, up $5-10/tonne
February opened firmer alongside gains in both the US and Asia while March was slightly backwardated at $1,400-1,425/tonne.
STYRENE: $1,705-1,740/tonne, up $5-20/tonne
A deal for February late on Wednesday was reported at $1,705/tonne. The market moved up in tandem with benzene this morning, notably on the offer side. March moved into a firmer contango with bids at $1,730/tonne and no corresponding offers.
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