01 April 2011 17:14 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s end-of-day European oil and chemical market summary from ICIS.
CRUDE: May WTI: $107.80/bbl, up $1.08/bbl. May BRENT: $118.47/bbl, up $1.11/bbl
Futures posted gains late in the afternoon on the back of better-than-expected US payroll data. However, as the data also supported the US dollar, the gains were limited.
NAPHTHA: $1,019–1,027/tonne, up $20/tonne
The cargo range made significant gains from earlier in the day, driven by higher crude oil prices and a stronger crack spread. April swaps were assessed at $1,007–1,008/tonne.
BENZENE: $1,235–1,245/tonne, narrowing
The range for April narrowed this afternoon, while May remained pegged flat with April.
STYRENE: $1,505–1,520/tonne, steady
April traded at $1,520/tonne this afternoon, within the current range. May remained backwardated at $1,480–1,500/tonne.
TOLUENE: $1,080–1,090/tonne, up $20–40/tonne
Higher crude and gasoline values pushed the April bid/offer range up. April contracts were confirmed at $1,075–1,085/tonne FOB NWE, down $5/tonne from the previous month.
MTBE: $1,250–1,255/tonne, up $9–35/tonne
Increases were seen in both the price of MTBE and gasoline. MTBE demand was good, but not extraordinary, while supplies were on the tight side. EuroBob gasoline traded at $1,065–1,066/tonne, up $18–19/tonne, putting the MTBE factor against cash barges at 1.17–1.18, narrower by a point on each side.
MIXED XYLENE: $1,320–1,330/tonne, up $30–60/tonne
Spot mixed xylene moved up $30–60/tonne this week due to tight supply and strong buying interest. Industry buying in the US also boosted European spot price ideas.
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