EVENING SNAPSHOT - Europe Markets Summary

11 March 2011 18:23  [Source: ICIS news]

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

CRUDE: April WTI: $100.99/bbl, down $1.71/bbl. April BRENT: $113.92/bbl, down $1.51/bbl
Crude prices remained in negative territory during the afternoon session as investors continued to be concerned about the impact of the earthquake in Japan.

NAPHTHA: $965-973/tonne, down $1/tonne
The cargo range edged down from earlier in the day as the effects of a weaker crack spread overrode those of slightly higher crude oil prices. April swaps were assessed at $965-967/tonne.

BENZENE: $1,225-1,240/tonne, down $15-30/tonne
March values came down in line with a dip in crude futures. April was backwardated, and traded at $1,225-1,230/tonne. There was talk of a deal at $1,220/tonne but this was unconfirmed.

STYRENE: $1,415-1,430/tonne, down $5-30/tonne
The range moved down this afternoon in line with softer benzene and crude numbers. April was slightly firmer this afternoon, and traded at $1,435/tonne.

TOLUENE: $1,040-1,060/tonne, down $40/tonne
The range for March moved down in line with softer crude futures and lacklustre demand.

MTBE: $1,108-1,129/tonne, up by $7-26/tonne
No trades were done but prices increased based on bids and offers. EuroBob gasoline traded at $972-978/tonne putting the factor against cash barges at 1.14-1.15, up two points.

PARAXYLENE: $1,710-1,750/tonne steady
European paraxylene (PX) was offered in the market at $1,750/tonne FOB Rotterdam, but failed to attract any buying interest. There was a feeling across the market that PX availability would improve in April once European producers were running normally.

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By: Staff Reporter
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