19 November 2012 17:00 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS.
CRUDE: January WTI: $89.10/bbl, up $2.18/bbl. January BRENT: $111.29/bbl, up $2.34/bbl
Crude oil futures extended gains late on Monday on the escalating violence between Israel and Palestinian militants. Investors are concerned that this could lead to supply constraints as other nations are pulled into the conflict.
NAPHTHA: $939-949/tonne, up $3-7/tonne
The cargo range climbed from earlier in the day as the effects of higher crude oil prices overrode those of a weaker crack spread. Four trades were reported this afternoon. December swaps were assessed at $936-938/tonne.
BENZENE: $1,360-1,370/tonne, bids up $15/tonne
During the afternoon, prices contined to gain ground. November benzene was valued at $1,360-1,370/tonne. December and January were both pegged at similar levels to November. Although no public deals were confirmed such a tight range would suggest that business was being done, but on a confidential basis.
STYRENE: $1,460-1,490/tonne, bids down $10/tonne
European spot styrene offers held firm for November. December and January were in contango at $1,490-1,510/tonne and $1,525-1,560/tonne respectively. Sources said the higher prices were driven by gains in Asia and higher crude values pushing benzene prices up.
TOLUENE: $1,330-1,350/tonne, offers down $20/tonne
Despite firmed crude, weak derivative demand for toluene pushed offers $20 lower.
MTBE: $1,160/tonne, up $43/tonne
Prices increased amid higher gasoline values. EuroBob gasoline traded at $978-987/tonne, putting the MTBE factor against cash barges at 1.18-1.19.
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