02 October 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: November WTI: $101.75/bbl, down 29 cents/bbl. November BRENT: $107.83/bbl, down 11 cents/bbl
Crude futures weakened on the back of the on-going partial shutdown of the US Federal government. Prices were also placed under pressure by fears of another standoff between lawmakers in Washington over the US debt ceiling, which needs to be addressed by 17 October or the US could risk defaulting on its loans.
BENZENE: $1,240-1,255/tonne, up $5/tonne on the sell side
Spot offers for October edged up slightly in line with some gains seen in the Asian market overnight. November moved into contango at $1,245-1,255/tonne, but bids later came down to $1,240/tonne.
STYRENE: $1,685-1,715/tonne, down $5/tonne on the sell side
Offers for October edged down further this morning following a deal on Tuesday afternoon at $1,715/tonne. The second half of the month was offered lower at $1,695/tonne but there were no corresponding October bids. November was backwardated with offers at $1,690/tonne while December was lower still at $1,650-1,670/tonne.
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