NOON SNAPSHOT Europe Markets Summary

17 February 2014 12:00 Source:ICIS News

LONDON (ICIS)--Here is Monday’s midday European oil and chemical market summary from ICIS.

CRUDE: March WTI: $100.81/bbl, up 51 cents/bbl. April BRENT: $109.02/bbl, down 6 cents/bbl
NYMEX WTI crude oil futures gained on Monday supported by the ongoing cold weather snap in the US. Brent crude oil futures were pressured by disappointing Japanese GDP growth, which was well below forecast.

NAPHTHA: $912-914/tonne, up $7/tonne
The range was assessed up on the back of an increase in ICE Brent crude oil futures. March swaps were assessed at $908-910/tonne.

BENZENE: $1,385-1,405/tonne, widening
The range for February opened slightly wider in a subdued market so far, while March was backwardated at $1,340-1,360/tonne.

STYRENE $1,565-1,595/tonne, up $5-15/tonne
Bids for February were at $1,565/tonne but not met with any offers, as the market maintained some sense of recovery following the upturn seen towards the end of last week. March was in contango with bids at $1,595-1,600/tonne and offers pegged as high as $1,640/tonne. April was firmer still with bids at $1,610/tonne and no corresponding offers.

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By Staff Reporter