28 March 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: May WTI: $96.73/bbl, up 15 cents/bbl. May BRENT: $109.86/bbl, up 17 cents/bbl
Crude oil futures edged into positive territory on Thursday as a degree of normality returned to Cyprus. Cyprus’ banks reopened on Thursday, however, capital controls remain in place, large depositors are facing losses of around 40% and its stock exchange failed to reopen.
NAPHTHA: $897-898/tonne, up $2/tonne
The cargo range was assessed up from Wednesday evening on higher crude oil prices. April swaps were assessed at $887-888/tonne.
BENZENE: $1,235-1,255/tonne, down $15-20/tonne
April opened lower this morning as the US market tumbled overnight and the wider macroeconomic picture remains bearish.
STYRENE: $1,590-1,610/tonne, down $45/tonne
April was valued lower this morning, notably on the buy side, amid weak upstream conditions and slow demand. A deal was done later at $1,600/tonne and the range came down further. There is an expectation, however, that activity will start to pick up in the second quarter, which may support pricing during the turnaround season.
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