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.
For more pricing intelligence please visit ICIS pricing
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