16 May 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $93.35/bbl, down 95 cents/bbl. June BRENT: $103.37/bbl, down 31 cents/bbl
Crude oil futures lost ground on Thursday after the US federal Reserve said US factory output fell 0.4% in April from March.
NAPHTHA: $831-833/tonne, up $15/tonne
The cargo range was assessed up from Wednesday evening on the basis of higher crude oil prices. May swaps were assessed at $827-829/tonne.
BENZENE: $1,365-1,390/tonne, up $5-15/tonne
Benzene May bids and offers firmed slightly during the morning session. This was despite falling crude oil values. The reason for the bullishness was unclear, but some players said it was linked to Total’s cracker in Gonfreville, France, which is understood to be offline. June was slightly backwardated on the bid side at $1,360-1,390/tonne.
STYRENE: $1,670-1,700/tonne, down $10/tonne on offers
Styrene May offers fell slightly amid weak demand. May bids were stable from yesterday’s close at $1,670/tonne. Activity was limited in the morning session. June was backwardated at $1,650-1,690/tonne.
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