17 May 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $95.54/bbl, up 38 cents/bbl. July BRENT: $104.33/bbl, up 55 cents/bbl
Crude oil futures gained on Friday supported by news that the Kirkuk-Ceyhan oil pipeline has again ceased pumping oil again. The stoppage will further restrict the availability of sour crude to the Mediterranean market.
NAPHTHA: $845-847/tonne, up $2/tonne
The cargo range was assessed up from Thursday evening on the basis of higher crude oil prices and a stronger crack spread. May swaps were assessed at $841-843/tonne.
BENZENE: $1,370-1,390/tonne, up $10/tonne
Benzene May bids and offers firmed slightly in the morning session on the back of rising crude oil values. June was backwardated on the offers at $1,370-1,385/tonne, and July was even lower at $1,355-1,385/tonne. Benzene spot numbers are high amid unconfirmed reports of production problems.
STYRENE: $1,675-1,710/tonne, narrowing
Styrene May bids and offers narrowed during the morning session. Demand was low. June was backwardated at $1,660-1,700/tonne. July was lower at $1,650/tonne on the offer side.
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