EVENING SNAPSHOT - Europe Markets Summary

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

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

CRUDE: April WTI: $100.44/bbl, down $0.72/bbl. April BRENT: $113.24/bbl, down $0.60/bbl
Crude oil futures remained in negative territory during the afternoon as investors were concerned about the economic impact of the Japanese earthquake. The ongoing turmoil in the Middle East and North Africa prevented the markets from posting bigger losses.

NAPHTHA: $946-954/tonne, up $12/tonne
The cargo range made gains from earlier in the day as the effects of higher crude oil prices overrode those of a weaker crack spread. One trade took place this afternoon. April swaps were assessed at $945-947/tonne.

BENZENE: $1,260-1,275/tonne, up $10/tonne on the buy side
March bids continued to firm this afternoon. April was slightly backwardated at $1,260-1,270/tonne.

STYRENE: $1,465-1,480/tonne, up $10-15/tonne
March was valued higher on continued bullish sentiment in Asia. April was in contango at $1,470-1,485/tonne.

TOLUENE: $1,040-1,070/tonne, up $10/tonne on the sell side
March offers moved up in line with firmer Asian numbers across the aromatics complex.

MTBE: $1,118-1,122/tonne, narrower by $7-10/tonne
The market level remained more or less stable as Friday’s bid/offer range narrowed, with six trades at the levels above. EuroBob gasoline traded down $17-22/tonne at $950-961/tonne, putting the factor against cash barges at 1.17-1.18, up three points.

PARAXYLENE: $1,710-1,750//tonne, steady
European spot prices were steady, despite gains in Asia. Traders said that while prices were unchanged in Europe and the US, they expected to see some upward movement owing to force majeure declarations in Japan.

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By: Staff Reporter
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