21 May 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $96.46/bbl down 25 cents/bbl. July BRENT: $104.27/bbl, down 53 cents/bbl
Crude oil futures weakened on Tuesday as concerns mount that the US Federal Reserve may cut back on its quantitative easing programme. Prices were also pressured by Asian stock markets which were mostly trading in negative territory.
NAPHTHA: $851-853/tonne, down $8/tonne
Slight decreases in both the crack spread and crude oil prices contributed to lower naphtha assessments. June swaps were assessed at $845-846/tonne.
BENZENE: $1,365-1,385/tonne, narrowing
May bids and offers were narrower this morning. June was backwardated slightly at $1,360-1,380/tonne.
STYRENE: $1,680-1,700/tonne, down $5/tonne
Bids for May were at $1,680/tonne but not met with any corresponding offers yet. June remains backwardated with bids at $1,675/tonne, the market maintaining a healthy spread with benzene.
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