10 July 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: August WTI: $104.78/bbl, up $1.25/bbl. August BRENT: $108.20/bbl, up 39 cents/bbl
Crude futures gained on Wednesday, finding support from a report issued by the American Petroleum Institute indicating that US crude stocks plummeted last week. Official stock data from the Energy Information Administration is expected to be released later on Wednesday.
NAPHTHA: $887-888/tonne, up $11/tonne.
The cargo range was assessed up from Tuesday evening on a stronger crack spread and higher ICE Brent crude oil futures. August swaps were assessed at $878-879/tonne.
BENZENE: $1,260-1,280/tonne, up $5-10/tonne
July edged up slightly this morning in line with gains seen in the US. August moved into a slight contango with bids at $1,265/tonne.
STYRENE: $1,790-1,820/tonne, steady
Offers for July were steady at $1,820/tonne but were not met with any firm bids so far. August traded at $1,770/tonne, with sentiment for the forward month buoyed by the ongoing force majeure at Shell’s Moerdijk site in the Netherlands.
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