25 July 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: September WTI: $104.59/bbl, down 80 cents/bbl. September BRENT: $106.80/bbl, down 39 cents/bbl
Futures prices declined on a firmer dollar and concerns over the slowdown in the Chinese economy, following the release of weak manufacturing data.
NAPHTHA: $873-875/tonne, down $6/tonne on the low end, down $5/tonne on the high end
The cargo range was assessed down from Wednesday evening on softer ICE Brent crude oil futures. August swaps were assessed at $865-867/tonne.
BENZENE: $1,240-1,255/tonne, up $10/tonne on the buy side
July bids were higher this morning alongside steady US numbers and some minor gains seen in Asia, while August was valued at $1,250-1,265/tonne.
STYRENE: $1,765-1,790/tonne, widening
There is continued bullishness for August in Europe following talk of more emerging production constraints and a possible knock-on effect on domestic supply and no official news regarding styrene output from the Moerdijk unit in the Netherlands. August opened wider this morning, with buyers moving lower amid a sense that some downward correction is needed. The second half of the month was backwardated at $1,730-1,760/tonne. September was valued lower still at $1,720-1,740/tonne.
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