LONDON (ICIS)--Here is Wednesday’s midday European oil and chemical market summary from ICIS.
CRUDE: April WTI: $98.62/bbl, down $1.41/bbl. April BRENT: $107.85/bbl, down 70 cents/bbl
Crude oil futures weakened on Wednesday pressured by rising US crude oil stocks, according to data published by the American Petroleum Institute. Prices were also pressured by more signs of deflation in the eurozone.
NAPHTHA: $909-911/tonne, down $2/tonne
The cargo range was assessed down on a fall in ICE Brent crude oil futures from Tuesday evening. April swaps were assessed at $894-895/tonne.
BENZENE: $1,340-1,375/tonne, down $5-15/tonne
March opened slightly lower in line with losses in the Asia spot market. April remained backwardated at $1,300-1,330/tonne.
STYRENE: $1,560-1,585/tonne, steady
The spot market was subdued this morning, with players already en route to the European Petrochemical Luncheon (EPL) in Madrid, Spain, later this week. The bid/offer range was unchanged for both months, with April valued at $1,570-1,600/tonne. A spot deal from Tuesday March 11 at $1,558/tonne was reported by both parties this morning.
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