04 March 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s midday European oil and chemical market summary from ICIS.
CRUDE: April WTI: $90.51/bbl, down 17 cents/bbl. April BRENT: $110.49/bbl, up 9 cents/bbl
WTI crude oil futures weakened on Monday pressured by sequester-induced budget cuts in the US. Brent however edged higher to trade at a premium over Friday’s settlement supported by the shutdown of the Brent pipeline System. The system was shut on Saturday after the operator, Taqa, identified a hydrocarbon leak at the Cormorant Alpha field.
NAPHTHA: $913-915/tonne, up $4/tonne
The cargo range was assessed up from Friday afternoon on a firmer crack spread. April swaps were assessed at $901-903/tonne.
BENZENE: $1,350-1,370/tonne, up $20/tonne
Despite softer crude numbers and a slight easing in the value of Asian benzene, European spot benzene was higher for March and April. April was pegged at $1,355-1,375/tonne.
STYRENE: $1,660-1,700/tonne, down $10-25/tonne
European spot styrene prices were softer in morning trading. April was valued at $1,680-1,700/tonne. Traders said prices were lower following falls in the Asian market; however, European spot benzene prices were firmer.
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