26 November 2012 17:08 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS.
CRUDE: January WTI: $87.33/bbl, down 95 cents/bbl. January BRENT: $110.31/bbl, down $1.07/bbl
Crude oil futures weakened late on Monday pressured by the on-going financing issues faced by Greece. The International Monetary Fund and eurozone lenders have yet to agree on a plan to release its next trance of bailout funding.
NAPHTHA: $924-927/tonne, down $4-5/tonne
The cargo range slipped from earlier in the day on the back of lower crude oil prices. There were two trades this afternoon. December swaps were assessed at $919-920/tonne.
BENZENE: $1,385-1,405/tonne, down $5/tonne on the sell side
Offers for December edged down this afternoon in a subdued market. January offers also came down to $1,410/tonne.
STYRENE: $1,550-1,560/tonne, up $20-40/tonne
The market saw significant upward movement this afternoon, as rumours of production issues at Shell’s Moerdijk site pushed bids and offers up. November traded at $1,550/tonne, and offers were heard at that level, while December traded at $1,570/tonne before offers edged back down again. January was offered at $1,575/tonne.
TOLUENE: $1,320-1,340/tonne, steady
The spot market was quiet and the range was steady ahead of December contract discussions later this week. Softer demand was counterbalanced by some concerns regarding availability for TDI grade amongst downstream players and possible emerging production problems with one major European supplier.
MTBE: $1,170-1,171tonne, up $25-26/tonne
Prices increased with three afternoon deals despite lower gasoline prices. EuroBob gasoline traded at $946-950/tonne, putting the MTBE factor against cash barges at 1.23-1.24.
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