28 May 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: July WTI: $94.78/bbl, up 63 cents/bbl. July BRENT: $104.12/bbl, up $1.50/bbl
Crude futures gained on Tuesday finding support from a surge in stock markets around the globe.
NAPHTHA: $851-853/tonne, up $24/tonne on the low end, up $25/tonne on the high end
The cargo range was assessed up from Friday evening on the basis of higher crude oil prices. May swaps were assessed at $848-850/tonne.
BENZENE: $1,330-1,355/tonne, up $5/tonne on the sell side
May opened relatively steady from Monday’s close, but attention was increasingly focused on June and July. June was valued at $1,340-1,355/tonne, while July was backwardated at $1,330-1,350/tonne.
STYRENE: $1,675-1,695/tonne, up $15/tonne
June offers opened slightly firmer at $1,685/tonne in line with benzene this morning, but the market saw further gains amid talk of ongoing production problems with one major supplier. There was a June deal done at $1,683/tonne. July was backwardated at $1,630-1,660/tonne. May was largely finished, although a prompt range of $1,660-1,695/tonne was heard this morning.
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