NOON SNAPSHOT – Europe Markets Summary
04 April 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: May WTI: $94.42/bbl, down 3 cents/bbl. May BRENT: $107.35/bbl, up 24 cents/bbl
WTI crude oil futures weakened into negative territory on Thursday, pressured by growing crude oil stock levels in the US and news that the US Federal Reserve may begin tapering its quantitative easing in summer.
NAPHTHA: $856-857/tonne, down $9/tonne on the low end, down $10/tonne on the high end.
The cargo range was assessed down from Wednesday evening on lower crude oil prices. May swaps were assessed at $846-847/tonne.
BENZENE: $1,240-1,265/tonne, down $5-10/tonne
Both Asia and the US lost momentum overnight, and the European market opened with bids lower at $1,230/tonne before the range narrowed. May remained in contango at $1,260-1,280/tonne.
STYRENE: $1,600-1,630/tonne, down $10-15/tonne
Bids for April and May were lower this morning at $1,595/tonne, amid ample domestic availability and softer upstream values. Offers were steady at $1,640/tonne for both months. April later narrowed, while buy/sell ideas for May remained wide as bids dropped further to $1,590/tonne.
For more pricing intelligence visit ICIS pricingBy: Staff Reporter+44 20 8652 3214
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