06 March 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: April WTI: $90.56/bbl, down 26 cents/bbl. April BRENT: $111.18/bbl, down 43 cents/bbl
Crude oil futures retreated on Wednesday, pressured by the ongoing negative economic outlook in the eurozone. Prices were also pressured by the restoration of production from the Nexen-operated Buzzard oil field in the North Sea.
NAPHTHA: $926-928/tonne, up $14/tonne
The cargo range was assessed up from Tuesday afternoon on higher crude oil prices. April swaps were assessed at $905-907/tonne.
BENZENE: $1,335-1,360/tonne, up $10-20/tonne
March moved back up this morning as the US market bounced back and crude held firm above $111/bbl overnight. April was in contango at $1,340-1,370/tonne.
STYRENE: $1,650-1,685/tonne, up $10-25/tonne
March was valued higher this morning, notably on the sell side, as benzene showed signs of recovery. April bids were at $1,650/tonne but not met with any offers.
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