EVENING SNAPSHOT – Europe Markets Summary

11 September 2012 17:06  [Source: ICIS news]

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

CRUDE: October WTI: $96.93/bbl, up 39 cents/bbl. October BRENT: $114.89/bbl, up 8 cents/bbl
Crude oil futures edged higher on Tuesday as investors remained optimistic that the US Federal Reserve will show more hints of monetary stimulus to boost the US economy but gains were capped by plentiful supplies in the US and Europe.

NAPHTHA: $997-999/tonne, down $6-8/tonne
The cargo range slipped from earlier in the day, with two trades taking place this afternoon. October swaps were assessed at $983-985/tonne.

BENZENE: $1,520-1,600/tonne, up $90-150/tonne
European spot benzene prices continue to firm as traders and consumers struggled to cover short positions. September benzene traded at $1,500-1,525/tonne CIF ARA. October benzene traded at $1,525/tonne.

STYRENE: $1,750-1,810/tonne, up $50-80/tonne
Europe October styrene has traded at $1,750/tonne FOB Rotterdam, then at $1,810/tonne for September. One trader said the market was stuck, while another said it was "the sky's the limit" for styrene at the moment.

TOLUENE: $1,300-1,320/tonne, steady
With benzene and styrene markets dominating the aromatics complex today, there was very little mention of toluene prices. Toluene is also tight and sources say its difficult to suggest even a notional range.

MTBE: $1,432/tonne, unchanged.
Prices are assessed stable with no deals taking place. EuroBob gasoline did not trade.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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