20 February 2013 17:26 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: March WTI: $94.50bbl, down $2.16/bbl. April BRENT: $115.95/bbl, down $1.57/bbl
Crude prices fell sharply on the back of a firmer US dollar and talk of increased Saudi export volumes.
BENZENE: $1,375-1,400/tonne, down $10/tonne
Bids for February were lower at $1,375/tonne and there was an unconfirmed deal done at $1,385/tonne. The softening appeared to be limited to the current month, however, as March remained firm, narrowing throughout the day to close at $1,390-1,410/tonne.
STYRENE: $1,725-1,740/tonne, down $10/tonne on the sell side
February offers came down to $1,740/tonne in line with prompt benzene values. March was valued at $1,740-1,750/tonne.
TOLUENE: $1,260-1,270/tonne, steady
The market was quiet and the spot range unchanged. With no significant demand for material outside contracted volumes, buyers in Europe have argued that domestic spot pricing needed to move in line with the Asian market in order to make export business viable.
MTBE: $1,307-1,308/tonne, stable
With the majority of participants attending the International Petroleum week event in London, no trades were again seen during the afternoon window.
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