22 July 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s midday European oil and chemical market summary from ICIS.
CRUDE: August WTI: $108.66/bbl, up 61 cents/bbl. September BRENT: $108.37/bbl, up 30 cents/bbl
Crude futures gained and the WTI/Brent spread turned positive as US futures surged past Brent. The recent increase in the value of WTI was attributed to falling stock levels in Cushing, Oklahoma, as supplies are diverted away from the land-locked storage hub.
NAPHTHA: $890-892/tonne, down $4/tonne
The cargo range was assessed down on the back of a weaker crack spread. August swaps were assessed at $882-884/tonne.
BENZENE: $1,235-1,260/tonne, up $5-20/tonne
July opened firmer, notably on the sell side, with firming US numbers pushing up offers. August was in contango at $1,245-1,270/tonne.
STYRENE: $1,785-1,810/tonne, up $5/tonne on the buy side
July remained bullish as the Asian market saw continued gains. August was backwardated at $1,765-1,790/tonne.
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