LONDON (ICIS)--Here is Monday’s midday European oil and chemical market summary from ICIS.
CRUDE: June WTI: $100.23/bbl, up 24 cents/bbl. June BRENT: $108.35/bbl, up 46 cents/bbl
Crude futures gained amid escalating tensions in Ukraine where independence referendums were held in the regions of Donetsk and Luhansk over the weekend. As the fear of supply distruptions are mounting, Saudi Arabia’s oil minister said it is willing to increase supply if tensions in Ukraine cause shortages.
NAPHTHA: $948-950/tonne, up $6/tonne
The cargo was assessed up on a rise in ICE Brent crude oil futures from Friday evening. June swaps were assessed at $917-919/tonne.
BENZENE: $1,350-1,370/tonne, down $20/tonne
The market was quiet, with no trades reported. May bids and offers fell $20/tonne in the session. June bids and offers remained backwardated at $1,320-1,345/tonne.
STYRENE: $1,600-1,620/tonne, unchanged
The market was quiet, with no trades reported. June bids and offers were at $1,595-1,615/tonne, with a $5 increase in bids.