05 December 2012 17:07 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday's end of day European oil and chemical market summary from ICIS.
CRUDE: January WTI: $87.70/bbl, down 80 cents/bbl. January BRENT: $108.87/bbl, down 97 cents/bbl
Crude oil futures extended losses late on Wednesday after the US Energy Information Administration released its weekly stock report showing an unexpected draw in crude stocks and a larger than expected increase in gasoline inventories.
NAPHTHA: $921-926/tonne, down $3-6/tonne.
The cargo range slipped from earlier in the day as a result of lower crude oil values. There were four trades this afternoon. January swaps were assessed at $907-909/tonne
BENZENE: $1,470-1,490/tonne, steady
The market was quiet and the range for December was steady. January edged up to $1,480-1,500/tonne.
STYRENE: $1,550-1,575/tonne, down $15/tonne
December reversed the losses seen earlier in the day. Bids came down as low as $1,540/tonne before the market recovered slightly. January was notably firmer at $1,580-1,600/tonne, although players noted that the spread with benzene for the forward month remains weak.
TOLUENE: $1,280-1,320/tonne, steady
The market remained quiet, and the December range was steady with buyers below $1,300/tonne while sellers remain unwilling to follow amid bullish energy numbers. Several December contracts were confirmed at $1,295/tonne and $1,297/tonne FOB NWE, and further confirmation from players is pending.
MTBE: $1,155/tonne, unchanged
No deals were done in the open market, but discussions remain at a factor level of 1.21. EuroBob gasoline traded at $937/tonne.
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