NOON SNAPSHOT Europe Markets Summary
14 November 2013 12:00 [Source: ICIS news] LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: December WTI: $93.70/bbl, down 18 cents/bbl. December BRENT: $107.71/bbl, up 59 cents/bbl
ICE Brent crude oil futures gained ground, supported by the US Federal Reserve, which will maintain its current prescription of a $85bn/month asset purchase programme. However the NYMEX weakened on expectation of increased crude oil stocks in the US last week.
NAPHTHA: $941-942/tonne, up $5-6/tonne
The cargo range was assessed up as the effects of higher crude oil prices overrode those of a weaker crack spread. December swaps were assessed at $923-924/tonne.
BENZENE: $1,225-1,250/tonne, up $15-30/tonne
November continued to move up, notably on the sell side, with further gains in the US combined with some bullishness in Asia both supporting the upward trend. December was backwardated at $1,220-1,235/tonne.
STYRENE: $1,570-1,595/tonne, down $5/tonne on the sell side
November bids were steady overnight and offers dipped slightly, as buyers resist the current upward movement seen on benzene amid seasonally slow styrenics demand. December bids were at $1,560/tonne.
For more pricing intelligence please visit ICIS pricing By: Staff Reporter+44 20 8652 3214
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