EVENING SNAPSHOT – Europe Markets Summary

27 November 2012 17:38  [Source: ICIS news]

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

CRUDE: January WTI: $87.60/bbl, down 14 cents/bbl. January BRENT: $110.06/bbl, down 86 cents/bbl
Crude oil futures weakened, pressured by ongoing budget negotiations in the US which overshadowed the Greek financing deal.

NAPHTHA: $923-925/tonne, down $8-9/tonne
The cargo range lost ground as a result of lower crude oil values. There were two trades this afternoon. December swaps were assessed at $919-920/tonne.

BENZENE: $1,410-1,415/tonne, up $20/tonne on buy side
December bids dropped as low as $1,380/tonne before the market recovered, moving above $1,400/tonne. January was also slightly higher at $1,410-1,420/tonne, and players expect the offer level to move up further amid bullish sentiment for the new year and firmer Asian numbers.

STYRENE: $1,540-1,570/tonne, up $5-10/tonne
Values edged up this afternoon on continued pressure coming from a bullish benzene market as well as talk of exports from the ARA region to Asia, which could tighten availability in the coming weeks. There was an unconfirmed deal at $1,550/tonne. January was in contango at $1,550-1,590/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.

MTBE: $1,168/tonne, down $2-3/tonne
Prices softened slightly with one trade at $1,168/tonne FOB AR during open market trading. EuroBob gasoline traded at $942-949/tonne FOB AR, putting the MTBE factor against cash barges at 1.23-1.24.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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