30 October 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: December WTI: $97.15/bbl, down $1.05/bbl. December BRENT: $109.40/bbl, up $0.39/bbl
Crude futures were mixed after the weekly stock data from the American Petroleum Institute (API) showed a much larger build on crude than forecast, putting downward pressure on WTI. The data from the Energy Information Administration (EIA) will be published later in the day. Traders also waited on the decision by the US Federal Reserve on its programme of economic stimulus.
NAPHTHA: $913-915/tonne, up $13/tonne
The cargo range was assessed up from Tuesday evening on firmer ICE Brent crude oil futures and a stronger crack spread. November swaps were assessed at $910-912/tonne.
BENZENE: $1,150-1,165/tonne, down $20-25/tonne
Bids and offers for November opened lower this morning as the US market eased off again. Deals for November were later done at $1,155/tonne, $1,160/tonne and $1,165/tonne, while the first half of the month was offered higher at $1,170/tonne. December was backwardated at $1,140-1,160/tonne while January was talked higher at $1,165-1,190/tonne.
STYRENE: $1,670-1,700/tonne, up $20/tonne
Offers for November were higher this morning at $1,700/tonne but not met with any firm corresponding bids. December and January were backwardated, with offers for both months at $1,640/tonne. There was a prompt October deal done yesterday at $1,670/tonne.
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