29 January 2013 17:00 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: March WTI: $97.40/bbl, up 96 cents/bbl. March BRENT: $114.00/bbl, up 52 cents/bbl
Crude prices added to earlier gains on the back of data showing a stronger US housing market, raising hopes of faster economic growth and higher demand for energy.
NAPHTHA: $947-953/tonne, up $8-13/tonne
The cargo range climbed, driven by higher crude oil prices and a firmer crack spread. There were four trades this afternoon. February swaps were assessed at $946-948/tonne.
BENZENE: $1,390-1,405/tonne, down $5-10/tonne
February offers edged down and several deals were later done at $1,400/tonne. March traded at $1,395/tonne and $1,390/tonne. The range closed at $1,390-1,400/tonne.
STYRENE: $1,735-1,755/tonne, up $20-30/tonne
February traded at $1,738/tonne and $1,748/tonne, the market gradually moving up on renewed buyer interest. Offers were firm at $1,755/tonne. March traded several times at $1,745/tonne, and the bid/offer range closed at $1,735-1,750/tonne.
TOLUENE: $1,280-1,320/tonne, steady
The spot market was quiet, and the range was unchanged. Players described the market as balanced. Buying interest outside of contracted volumes remains scarce, with only a handful of spot deals done early in January so far this year, for export purposes.
MTBE: $1,259/tonne, up $19/tonne
The market firmed with one afternoon deal, yet with higher gasoline prices, the MTBE factor against gasoline decreased. EuroBob gasoline traded at $1,037-1,056/tonne, putting the factor against cash barges at 1.19-1.21, compared with 1.24-1.26 last week.
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