EVENING SNAPSHOT – Europe Markets Summary

07 February 2013 17:10  [Source: ICIS news]

LONDON (ICIS)--Here is Thursday’s end of day European oil and chemical market summary from ICIS.

CRUDE: March WTI: $96.00/bbl, down 62 cents/bbl. March BRENT: $117.20/bbl, up 47 cents/bbl
The NYMEX plunged into negative territory on the back of disappointing US jobless claims and retail sales data. Brent also gave back a good portion of earlier gains as the European Central Bank failed to give signs of a turnaround in the eurozone economy.

NAPHTHA: $979-999/tonne, down $7/tonne on low end, down $3/tonne on high
The cargo range slipped from earlier in the day as a result of softer crude oil prices. There were four trades this afternoon. March swaps were assessed at $962-964/tonne.

BENZENE: $1,400-1,420/tonne, narrowing
The market was relatively quiet this afternoon. February traded once at $1,410/tonne. March moved back into contango, closing at $1,405-1,425/tonne.

STYRENE: $1,720-1,735/tonne, narrowing
The market narrowed for February this afternoon, while March edged up further to $1,745-1,765/tonne on expected availability restrictions. There was an unconfirmed February deal at $1,730/tonne, while March traded at $1,755/tonne and $1,760/tonne.

TOLUENE: $1,270-1,280/tonne, down $10/tonne on the sell side
There was a spot deal this week for February loading at $1,275/tonne, and the range was adjusted to reflect this. 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: $1,245-1,268/tonne, up $12-15/tonne
No trades again took place, while bids and offers moved higher. EuroBob gasoline traded at $1,070.00-1,072.50/tonne.

For more pricing intelligence visit ICIS pricing


By: Staff Reporter
+44 20 8652 3214



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