05 July 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s midday European oil and chemical market summary from ICIS.
CRUDE: August WTI: $101.00/bbl, down 24 cents/bbl. August BRENT: $105.75/bbl, up 21 cents/bbl
ICE Brent futures edged higher, supported by firmer stock markets. Prices were also supported by more reductions in Libyan crude exports after the Es Sider export terminal was closed by armed groups. NYMEX WTI edged lower, pressured by expectations that an upcoming US jobs report will show little improvement.
NAPHTHA: $866-868/tonne, up $10/tonne
The cargo range was assessed up from Thursday evening on firmer ICE Brent crude oil futures. August swaps were assessed at $856-858/tonne.
BENZENE: $1,250-1,270/tonne, up $5-10/tonne
Bids and offers firmed by $5-10/tonne in the morning session as some traders looked to cover short positions. August was at parity.
STYRENE: $1,750-1,770/tonne, up $5-50/tonne
Styrene bids and offers rose by $5-50/tonne in the morning session amid ongoing tight supply. Although bids rose sharply, buying interest was thinning as industry began to withdraw to the sidelines because of poor margins in the downstream polystyrene and expandable polystyrene sectors, and expectations that shipsfrom the US in the next few weeks would ease supply constraints. August was rangebound at $1,710-1,740/tonne. The July styrene customer reference price (CRP) has fallen by €4/tonne to €1,416/tonne FCA Rotterdam.
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