NOON SNAPSHOT Europe Markets Summary
08 October 2013 12:00 [Source: ICIS news]LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: November WTI: $103.80/bbl, up 77 cents/bbl. November BRENT: $110.39/bbl, up 71 cents/bbl.
Crude oil futures were trading in positive territory after US President Barack Obama said he would accept a short-term debt ceiling increase to avoid the potential crisis date of 17 October, when the government will hit a $16.7 trillion borrowing limit.
NAPHTHA: $902.00-902.50/tonne, up $12-14/tonne
The cargo range was assessed up on a hike in ICE Brent crude oil futures. November swaps were assessed at $900/tonne.
BENZENE: $1,230-1,240/tonne, down $5/tonne
October was assessed marginally lower following a deal done on Monday at $1,240/tonne. Weaker Asian pricing in a slow market and lower prompt spot numbers in the US also added to the downtrend. The majority of players are still attending the European Petrochemical Association (EPCA) meeting in Berlin, keeping activity limited.
STYRENE: $1,640-1,670/tonne, down $5/tonne
The bid/offer range for October edged down in a quiet market, with market players at the EPCA meeting. Weak derivative demand and a slow Asian market are keeping sentiment muted, and players are expecting further downward movement.
For more pricing intelligence please visit ICIS pricing By: Staff Reporter+44 20 8652 3214
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