12 November 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: Dec WTI: $94.83/bbl, down 31 cents/bbl. Dec BRENT: $106.71/bbl, up 31cents/bbl
Production and export remains heavily curtailed in Libya with little chance of a resolution between protestors and the Libyan government.
NAPHTHA: $926-928/tonne, up 4/tonne on the low end, up $5/tonne at the high end.
The cargo range was assessed up on a strong crack spread and higher ICE Brent crude oil futures. December swaps were assessed at $909-911/tonne.
BENZENE: $1,185-1,205/tonne, up $15-20/tonne
The upward momentum continues this week, with November bids moving up overnight and offers tipping over the $1,200/tonne on continued gains in the US market. Steady to firm naphtha values are also supporting benzene numbers. December was valued at $1,185-1,200/tonne while January was in contango at $1,190-1,220/tonne.
STYRENE: $1,590-1,610/tonne, up $10-20/tonne
November spot pricing opened higher alongside firming benzene values and renewed buying interest. December was backwardated at $1,575-1,605/tonne and January was slightly lower at $1,575-1,600/tonne. Players are braced for continued bearishness between now and the end of the year, although steady global pricing is so far helping to mitigate any seasonal downturn.
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