EVENING SNAPSHOT - Europe Markets Summary

28 February 2011 17:24  [Source: ICIS news]

LONDON (ICIS)--Here is Monday’s end-of-day European oil and chemical market summary from ICIS.

CRUDE: April WTI: $97.53/bbl, down $0.35/bbl. April BRENT: $112.37/bbl, up $0.23/bbl
Futures were supported by a fall in the US dollar and concerns over supply disruptions in Libya. However, reports that Saudi Arabia was ready to increase output to compensate for this shortage prevented prices from posting major gains.

NAPHTHA: $951-959/tonne, up $10/tonne
The cargo range climbed from earlier in the day due to higher crude oil prices and a slightly stronger crack spread. March swaps were assessed at $956-958/tonne.

BENZENE: $1,335-1,365/tonne, steady
The spot market was quiet this afternoon ahead of the March contract settlement. The range for March was unchanged. April was notionally steady at $1,290-1,300/tonne.

STYRENE: $1,520-1,540/tonne, up $10/tonne on the sell side
There were no firm bids or offers seen this afternoon, as players awaited the March benzene contract settlement. The range for March widened slightly from this morning. There was no firm April range, which was assessed flat with March.

TOLUENE: $1,080-1,100/tonne, steady
The market was quiet, with no firm business seen. The March range was steady.

MTBE: $1,090-1,095/tonne, up $12-16/tonne
Prices pushed higher amid good demand, with four trades seen in the afternoon. EuroBob gasoline traded at $945-947/tonne, putting the factor against cash barges at 1.15-1.16, up two points.

PARAXYLENE: $1,800-1,820/tonne, steady
The market remained quiet today, with no firm buy/sell interest noted. The range for March was unchanged.

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By: Staff Reporter
+44 20 8652 3214

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