LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: April WTI: $101.33/bbl, up 21 cents/bbl. April BRENT: $108.52/bbl, up 44 cents/bbl
Crude futures made gains on Tuesday finding support from a three-day cessation of oil flows from Russia via the Baltic port of Primorsk due to maintenance. Prices were also supported by a strong performance in stock indices in Asia, where the Shanghai Composite, Hang Seng and Nikkei 225 all settled in positive territory.
NAPHTHA: $912-914/tonne, up $5/tonne
Cargoes traded higher on a firmer crack spread. April swaps were assessed at $897-898/tonne.
BENZENE: $1,360-1,380/tonne, down $5-10/tonne
Offers for March were at $1,380/tonne and the range was assessed lower in a thin market this morning, with no firm buying indications. April remained backwardated at $1,300-1,355/tonne, with a wide bid/offer range limiting any trading.
STYRENE: $1,560-1,585/tonne, up $15/tonne on the buy side
Bids for March edged up this morning while offers were steady at $1,585/tonne. April remained in contango at $1,570-1,600/tonne.
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