23 May 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: July WTI: $93.04/bbl, down $1.24/bbl. July BRENT: $101.52/bbl, down $1.08/bbl
Crude oil futures weakened on Thursday pressured by HSBC’s purchasing managers’ index for manufacturing in China which fell to 49.60 in May, down from a reading of 50.40 in April.
NAPHTHA: $826-829/tonne, down $12-13/tonne
Assessed prices dropped on weaker crude oil prices. June swaps were assessed at $822-824/tonne.
BENZENE: $1,370-1,390/tonne, down $10/tonne
Offers for May opened lower this morning, as the Asian market was quiet and slightly weaker ahead of a public holiday in Singapore. There were no corresponding bids yet. June was backwardated at $1,365-1,380/tonne while July was lower still at $1,355-1,370/tonne.
STYRENE: $1,665-1,695/tonne, down $5-25/tonne
The market opened lower this morning, notably on the buy side, in line with softening benzene numbers, although the spread between the two remains healthy. June was flat with May.
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