24 April 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $89.89/bbl, up 71 cents/bbl. June BRENT: $101.14/bbl, up 83 cents/bbl
Crude oil futures climbed on Wednesday, supported by firmer stock markets around the globe. Prices also found support from a report issued by the American Petroleum Institute which reported a drop in US crude stocks. The official weekly stock report from the Energy Information Administration is due later on Wednesday.
NAPHTHA: $795-798/tonne, up $5/tonne on the low end, up $6/tonne on the high end
The cargo range was assessed up from Tuesday evening on higher crude oil prices. May swaps were assessed at $793-795/tonne.
BENZENE: $1,405-1,425/tonne, down $5/tonne
Bids for April were at $1,405/tonne this morning but not met with any offers, as the bullishness for prompt material held. May was valued at $1,390-1,410/tonne while the first half of the month was offered higher at $1,425/tonne.
STYRENE: $1,540-1,560/tonne, up $20/tonne
April traded on Tuesday 23 April at $1,535/tonne. Bids were firmer this morning at $1,540/tonne and $1,545/tonne but sellers were holding back offers in light of the upturn for prompt benzene cargo, despite ongoing length.
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