17 April 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: May WTI: $87.92/bbl, down 80 cents/bbl. June BRENT: $99.13/bbl, down 78 cents/bbl
Crude oil futures weakened on Wednesday as concerns remain over oil demand growth in China after its first-quarter GDP results were below expectations.
NAPHTHA: $787-788/tonne, up $3/tonne on the low end, up $2/tonne on the high end
The cargo range was assessed up from Tuesday evening on a firmer crack spread. May swaps were assessed at $789-790/tonne.
BENZENE: $1,310-1,335/tonne, up $10/tonne on the sell side
Offers for April opened slightly higher amid continued bullish sentiment in Europe and overnight gains in the US. May was in contango at $1,325-1,350/tonne. Players are sceptical about whether this upward trend is sustainable, however, as market fundamentals remains weak.
STYRENE: $1,535-1,555/tonne, down $10-15/tonne
April traded at $1,535/tonne and $1,550/tonne yesterday, and offers opened lower this morning at $1,555/tonne amid weak derivative offtake and ample availability. Bids were scarce so far, however, with consumers expecting further downward movement despite continued gains on benzene. May offers were slightly higher at $1,565/tonne.
For more pricing intelligence visit ICIS pricing
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