12 December 2012 17:25 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: January WTI: $86.42/bbl, up 63 cents/bbl. January BRENT: $109.47/bbl, up $1.47/bbl
Crude oil futures reversed gains seen earlier, after the US Energy Information Administration (EIA) released its weekly stock report showing an unexpected rise in stocks last week.
NAPHTHA: $932-934/tonne, up $5/tonne.
Values were assessed higher in light of firmer crude prices. January swaps were assessed at $920-922tonne.
BENZENE: $1,470-1,485/tonne, down $15/tonne on the sell side
Offers for benzene came down this afternoon, as players looked to clear inventory ahead of the European Petrochemical Luncheon (EPL) in Brussels, Belgium on Thursday.
STYRENE: $1,570-1,600/tonne, steady
Offers for December were steady at $1,600/tonne throughout the day but had not met with any bids. January was in contango at $1,600-1,625/tonne, with several deals done yesterday within that range.
TOLUENE: $1,280-1,320/tonne, steady
The market remained quiet, and the December range was unchanged. Weak demand is keeping buyers below $1,300/tonne while sellers remain unwilling to follow amid bullish energy numbers.
MTBE: $1,110-1,111/tonne, unchanged.
The market remains inactive with no bids or offers seen. EuroBob gasoline traded at $952/tonne.
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