06 February 2013 17:20 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: March WTI: $96.40/bbl, down 24 cents/bbl. March BRENT: $116.60/bbl, up 8 cents/bbl
The markets rallied to recoup earlier losses when weekly stock figures from the Energy Information Administration (EIA) showed a slightly below-forecast build on crude, slightly tempered by an unexpected build on gasoline.
NAPHTHA: $981-997/tonne, up $20-21/tonne
The cargo range gained, driven by higher crude oil prices and a firmer crack spread. There were three trades this afternoon. March swaps were assessed at $961-962/tonne
BENZENE: $1,400-1,420/tonne, down $5-10/tonne
The market reversed earlier gains, with activity subdued amid crude oil losses. March was valued flat with February.
STYRENE: $1,700-1,720/tonne, down $20/tonne
The market gradually edged down alongside benzene, with activity largely subdued. March remained in contango at $1,720-1,745/tonne. The European February styrene customer reference price (CRP) was agreed at €1,448/tonne FCA Rotterdam, down €40/tonne from the previous month.
TOLUENE: $1,270-1,290/tonne, steady
The market was quiet and the spot range for February was unchanged. With no significant demand for material outside contracted volumes, buyers have argued that domestic spot pricing needed to move in line with global market in order to make export business viable.
MTBE: $1230-1256/tonne, down $5/tonne on the low end, up $16/tonne on the high end
No trades were reported in the European MTBE market today, but a bid was heard at $1,230/tonne and an offer at $1,256/tonne FOB AR. EuroBob gasoline traded at $1,066.50/tonne.
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