01 March 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: April WTI: $91.07/bbl, down 98 cents/bbl. April BRENT: $110.48/bbl, down 90 cents/bbl
Crude oil futures weakened, pressured by a lack of agreement between US lawmakers regarding budget cuts. Prices were also pressured by a weaker-than-expected official Purchasing Managers’ Index reading in China.
NAPHTHA: $911-913/tonne, down $44/tonne
The cargo range lost ground as a result of a much weaker crack spread and softer crude oil prices. April swaps were assessed at $899-901/tonne.
BENZENE: $1,355-1,370/tonne, down $10-20/tonne
March opened lower in line with bearishness seen both in Asia and the US. Ongoing losses on naphtha added to the downtrend April was in contango at $1,365-1,385/tonne.
STYRENE: $1,710-1,725/tonne, down $5/tonne on the sell side
March offers edged down in a quiet market ahead of the monthly barge contract settlement.
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