EVENING SNAPSHOT – Europe Markets Summary
22 January 2013 17:14 [Source: ICIS news] LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: February WTI: $95.89/bbl, up 33 cents/bbl. March BRENT: $111.64/bbl, down 7 cents/bbl
WTI crude oil futures gained, finding support from Japan’s decision to implement a round of monetary easing. Brent reversed gains as North Sea output is set to rise in February.
NAPHTHA: $942-943/tonne, up $6/tonne
The cargo range climbed, driven by a stronger crack spread. There were two trades this afternoon. February swaps were assessed at $940-942/tonne.
BENZENE: $1,475-1,485/tonne, up $10-20/tonne
The market recovered some the losses posted earlier as the US market remained firm. February was flat with January, although offers for the first half of the month were higher at $1,500/tonne.
STYRENE: $1,700-1,730/tonne, up $5/tonne on the sell side
January offers were at $1,730/tonne, buoyed by the benzene recovery, but not met with any corresponding bids, with attention primarily focused on the forward month. February edged down to $1,720-1,735/tonne, and there was an unconfirmed deal later done at $1,720/tonne.
TOLUENE: $1,300-1,320/tonne, steady
The spot market was quiet and the range for January was unchanged. Players agree that supply levels remain balanced, with no length emerging despite subdued purchasing activity.
MTBE: $1,240/tonne, up $38-41/tonne
The market moved higher as gasoline prices increased. EuroBob gasoline traded at $988-1,002/tonne, putting the MTBE factor against cash barges at 1.14-1.26.
For more pricing intelligence visit ICIS pricing By: Staff Reporter+44 20 8652 3214
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