NOON SNAPSHOT Europe Markets Summary

26 March 2014 11:49 Source:ICIS News

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

CRUDE: May WTI: $99.24/bbl, up 5 cents/bbl. May BRENT: $107.02/bbl, up 3 cents/bbl
Crude oil futures were little changed compared to the previous close as the market await for the upcoming US inventory report to be issued later on Wednesday by the US Energy Information Administration. However, prices are finding some support from Shell which declared force majeure on Forcados crude oil exports.

NAPHTHA: $911-913/tonne, down $1/tonne on the low end, down $2/tonne on the high end
The cargo range was assessed down on a fall in ICE Brent crude oil futures from Tuesday evening.
April swaps were assessed at $899-900/tonne.

BENZENE:  $1,400-1,420/tonne, steady
The spot market was quiet so far this morning and the bid/offer range for March was unchanged.

STYRENE: $1,600-1,620/tonne, up $5/tonne on the buy side
The range for March was relatively steady this morning, with attention primarily focused on April. There was a deal heard at $1,628/tonne, pending further confirmation, and the range was valued at $1,620-1,640/tonne.

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By Staff Reporter