30 April 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $94.56/bbl, up 6 cents/bbl. June BRENT: $103.93/bbl, up 12 cents/bbl
Crude oil futures reversed losses on Tuesday after news that the Nexen-operated Buzzard oil field in the North Sea was shut following a leak late on Monday. The oil field is the main component of the Forties crude oil blend, which sets the Dtd BFOE benchmark almost on a daily basis. Around 70% of all physical crude oil is traded against the benchmark.
NAPHTHA: $816-819/tonne, up $4-5/tonne
The cargo range was assessed up from Monday evening on higher crude oil prices. May swaps were assessed at $815-817/tonne.
BENZENE: $1,370-1,385/tonne, down $5-10/tonne
May bids opened slightly lower this morning while offers were at $1,385/tonne following deals done at that level on Monday. June was thin, with no firm bid/offer range in the market yet.
STYRENE: $1,560-1,580/tonne, down $5/tonne on the buy side
The bid/offer range for May was relatively steady this morning. Activity was largely subdued because of holidays across Europe this week, with players also awaiting the outcome of the monthly benzene and styrene contracts. June was valued at $1,570-1,600/tonne, and there was an unconfirmed deal heard at $1,585/tonne.
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