EVENING SNAPSHOT - Europe Markets Summary

02 March 2011 17:12  [Source: ICIS news]

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

CRUDE: April WTI: $101.53/bbl, up $1.92/bbl. April BRENT: $116.92/bbl, up $1.62/bbl
The continuing unrest in Libya pushed oil prices up sharply during the afternoon session. The April Brent contract went above $117/bbl, while the April WTI contract was well-supported above $101/bbl.

NAPHTHA: $1,003-1,011/tonne, up $21/tonne
The cargo range made significant gains from earlier in the day, driven by higher crude oil prices and a stronger crack spread. March swaps were assessed at $1,000-1,001/tonne.

BENZENE: $1,360-1,380/tonne, down $10/tonne on the buy side
The market was quiet this afternoon, and the bid level fell by $10/tonne. April was backwardated at $1,315-1,335/tonne.

STYRENE: $1,525-1,535/tonne, down $10/tonne on the sell side
Afternoon offers came down to $1,535/tonne in a quiet market. There was no firm range discussed for April, and it was assessed marginally lower at $1,520-1,530/tonne.

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

MTBE: $1,149-1,150/tonne, up $24-25/tonne
Prices continued to push higher in line with similar gains made in the gasoline market. Eurobob gasoline traded at $984-990/tonne, putting the factor against cash barges at 1.16-1.17, down one point on the low side.

PARAXYLENE: $1,780-1,800/tonne, steady
The market remained quiet today, with no firm buy/sell interest seen.

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By: Staff Reporter
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