13 February 2013 17:10 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: March WTI: $97.40/bbl, down 11 cents/bbl. March BRENT: $118.65/bbl, down one cent/bbl
Earlier gains were wiped out when US data from the Energy Information Administration (EIA) showed a smaller build on crude than forecast, as well as an unexpected draw on gasoline and a larger draw on distillates. This was taken to suggest that refiners were using product stocks to cover lower demand, rather than running crude.
NAPHTHA: $998-1003/tonne, up $6-9/tonne
The cargo range climbed because of a stronger crack spread. There were two trades this afternoon. March swaps were assessed at $976-978/tonne.
BENZENE: $1,400-1,410/tonne, down $10-20/tonne
Bids for February edged up to $1,415/tonne before a deal was eventually done at $1,418/tonne. The market later fell alongside US prices, with February trading at $1,405/tonne, and the closing range reflected this. March was traded at $1,410/tonne and closed at $1,410-1,420/tonne.
STYRENE: $1,715-1,725/tonne, narrowing
February prices centred around the $1,720/tonne level in a subdued market. March remained in contango, closing at $1,745-1,760/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: $1,274/tonne, up $9-31/tonne
Prices increased with one trade taking place during the window. EuroBob gasoline traded at $1,082-1,084/tonne FOB AR. For more pricing intelligence visit ICIS pricing
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