15 October 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: Nov WTI: $101.92/bbl, down 49 cents/bbl. Nov BRENT: $110.44/bbl, down 60 cents/bbl
Crude oil futures traded down as world powers resumed their nuclear negotiation with Iran. Decreases were trimmed by signs of a political truce between the Republicans and Democrats on the US budget standoff.
NAPHTHA: $908-910/tonne, up $5/tonne.
The cargo range was assessed up on a stronger crack spread. November swaps were assessed at $910-912/tonne.
BENZENE: $1,180-1,190/tonne, down $10-20/tonne
Continued losses in the US and Asian markets saw Europe spot benzene open lower. There was an October deal done later at $1,180/tonne.
STYRENE: $1,590-1,605/tonne, narrowing
The range for October narrowed around the $1,600/tonne mark, with the recent gains in Asia tailing off. While prompt cargo was still being offered around the $1,800/tonne CFR level, the Asian market is in a steep backwardation for November and December of up to $100/tonne, which is likely to keep domestic pricing steady despite ongoing benzene losses.
For more pricing intelligence please visit ICIS pricing
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