LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: March WTI: $96.54/bbl, up 11 cents/bbl. March BRENT: $105.68/bbl, down 36 cents/bbl
Brent crude futures were pressured by a poor performance in Asian stock indices where Japan’s Nikkei 225 index plummeted by almost 4.20%. However, US crude futures fared marginally better due to low distillate stocks.
NAPHTHA: $900-901/tonne, down $3/tonne
The cargo range was assessed down from the previous close as a result of a weaker crack spread. March swaps were assessed at $884-885/tonne.
BENZENE: $1,415-1,440/tonne, widening
February bids and offers widened slightly this morning, while the first half of the month was offered higher at $1,460/tonne. March was backwardated still at $1,375-1,400/tonne, although a premium for the first half of March emerged with offers seen higher at $1,420/tonne.
STYRENE: $1,635-1,675/tonne, up $10/tonne on the sell side
Offers for February were at $1,675/tonne this morning but were not met with any bids, as buyers remained cautious amid limited visibility from the Asian market so far this week and a bearish downstream sentiment overall. March was valued at $1,650-1,675/tonne.
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