EVENING SNAPSHOT - Europe Markets Summary

03 March 2011 17:27  [Source: ICIS news]

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

CRUDE: April WTI: $101.02/bbl, down $1.21/bbl. April BRENT: $114.40/bbl, down $1.95/bbl
Futures remained in negative territory during the afternoon session as a peace plan for Libya was being reviewed. A weaker US dollar against the euro provided some support.

NAPHTHA: $998-1,006/tonne, up $6/tonne
The cargo range climbed from earlier in the day as a stronger crack spread overrode lower crude oil prices. March swaps were assessed at $995-997/tonne.

BENZENE: $1,365-1,375/tonne, up $5/tonne on the buy side
Afternoon bids for March were at $1,365/tonne, but no firm corresponding offers were seen.

STYRENE: $1,530-1,540/tonne, up $5/tonne
March was slightly firmer this afternoon, while April remained backwardated at $1,520-1,530/tonne. A second European March styrene barge contract settled today at €1,298/tonne FD NWE, up €31/tonne from February.

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

MTBE: $1,134-1,144/tonne, down $6-15/tonne
No trades were done and offers came down to $1,144/tonne amid slightly softer gasoline prices. Eurobob gasoline traded at $980-981/tonne, keeping the factor against cash barges notionally unchanged at 1.16-1.17.

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
+44 20 8652 3214



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