LONDON (ICIS)--Here is Tuesday’s midday European oil and chemical market summary from ICIS.
CRUDE: January WTI: $97.30/bbl, down 18 cents/bbl. February BRENT: $108.76/bbl, down 65 cents/bbl
Expectations that the US Federal Reserve will begin to taper its massive monetary easing programme continued to mount. The Federal Open Market Committee will meet on Tuesday and Wednesday to discuss a possible timeline to cut back on its controversial policy.
NAPHTHA: $950-951/tonne, down $6/tonne on the low end, down $7/tonne at the high end
The cargo range was assessed down on a fall in ICE Brent crude oil futures from Monday evening.
January swaps were assessed at $938-939/tonne.
BENZENE: $1,330-1,355/tonne, down $5/tonne on the buy side
The morning opened lower on the buy side in a subdued market. December prices are at $1,330-1,355/tonne. January prices are slightly backwardated at $1,325-1,345/tonne. February offers are at $1,330/tonne.
STYRENE: $1,645-1,665/tonne, down $5-10/tonne
Prices are down from yesterday’s close in a quiet market. Inventory levels are low and demand is weak. Morning bid/offer activity was slow.
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