18 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: $87.76/bbl, up $1.08/bbl. June BRENT: $99.08/bbl, up $1.39/bbl
Crude oil futures rebounded strongly on Thursday as investors took profits. Prices were also supported by a force majeure on Nigerian Bonny Light exports.
NAPHTHA: $789-790/tonne, up $11/tonne on the low end, up $10/tonne on the high end
The cargo range was assessed up from Wednesday evening on a firmer crack spread. May swaps were assessed at $791-792/tonne.
BENZENE: $1,330-1,350/tonne, up $10-15/tonne
April opened stronger again this morning as the upstream oil markets stabilised overnight. However, the US benzene market reversed direction on Wednesday, moving lower in line with energy pricing. May remains in contango at $1,340-1,360/tonne.
STYRENE: $1,520-1,540/tonne, down $5/tonne
April traded yesterday at $1,530/tonne, while several May deals were done as high as $1,565/tonne. Bids for April were at $1,520/tonne in a subdued market this morning, and the market is expected to come down further amid ongoing length. May was valued at $1,530-1,560/tonne.
For more pricing intelligence visit ICIS pricing
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