13 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: 92.73/bbl, up 19 cents/bbl. April BRENT: $109.64/bbl, down 1 cent/bbl
Crude prices increased during the morning session on the back of an unexpected decline in US crude stocks.
NAPHTHA: $940-942/tonne, up $4/tonne
The cargo range was assessed up from Tuesday evening on a firmer crack spread. April swaps were assessed at $898-900/tonne.
BENZENE: $1,250-1,270/tonne, steady
March bids and offers were unchanged from Tuesday’s close. There was talk of material being shipped from Europe to the US, although some sources argued that there is currently no arbitrage to make this workable. April was in contango at $1,255-1,275/tonne.
STYRENE: $1,680-1,720/tonne, down $5/tonne
Offers for March were still firm at $1,720/tonne, although there were no firm bids so far as buyers eased back following the spike seen on Tuesday. April was valued at $1,650-1,700/tonne.
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