12 February 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: $97.30/bbl, up 27cents/bbl. March BRENT: $118.00/bbl, down 13 cents/bbl
Prices rose after the monthly OPEC market report raised its forecast for global demand, but the benchmark grades continued to see-saw as investors followed Wall Steet predictions of a rapidly shrinking negative WTI-Brent spread.
NAPHTHA: $983-985/tonne, steady on the low end, down $28/tonne on the high
The cargo range narrowed from earlier in the day, with three trades taking place this afternoon. March swaps were assessed at $963-965/tonne.
BENZENE: $1,410-1,430/tonne, down $5-10/tonne
The bid/offer range for both months narrowed to $1,420-1,430/tonne this afternoon, as the US market opened wider amid no clear direction. February bids later edged down to $1,410/tonne. Sources believe that the Lunar New Year celebrations in Asia are keeping activity largely subdued both in Europe and Asia.
STYRENE: $1,715-1,725/tonne, narrowing
February traded at $1,715/tonne, and the market lost ground after the gains seen earlier, with derivative demand so far failing to ignite for the current month. There was an unconfirmed prompt February deal heard at $1,710/tonne. March was valued at $1,745-1,765/tonne.
TOLUENE: $1,270-1,280/tonne, steady
The market was quiet and the spot range was assessed steady. With no significant demand for material outside contracted volumes, buyers have argued that domestic spot pricing needed to move in line with the Asian market in order to make export business viable.
MTBE: $1,243-1,265/tonne, down $8-30/tonne
No MTBE deals were done however the range has been assessed lower on weaker bids and offers. EuroBob gasoline traded at $1,071/tonne FOB AR.
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