25 February 2013 17:24 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s end-of-day European oil and chemical market summary from ICIS.
CRUDE: April WTI: $93.05/bbl, down 8 cents/bbl. April BRENT: $114.55/bbl, up 45 cents/bbl
Brent crude oil futures remained in positive territory late on Monday, supported by a weaker dollar. Prices were also supported by the Italian election, where the pre-reformist coalition appeared to hold a strong lead.
NAPHTHA: $992-994/tonne, down $4/tonne
The cargo range slipped from earlier in the day as the effects of softer crude oil prices overrrode those of a firmer crack spread. No deals were reported this afternoon. March swaps were assessed at $972-974/tonne.
BENZENE: $1,380-1,400/tonne, down $5/tonne on the buy side
March traded twice at $1,390/tonne this afternoon and the range closed at $1,380-1,400/tonne.
STYRENE: $1,740-1,755/tonne, down $5/tonne on the sell side
The market was quiet and March offers edged down slightly. April was valued at $1,745-1,760/tonne.
TOLUENE: $1,230-1,280/tonne, steady
The spot market was quiet and the range was unchanged. Offers were firm although weaker Asian numbers and a plunge in crude values brought bids down. Several traders are looking for arbitrage opportunities to the US, although high freight costs are keeping any profit margin to a minimum.
MTBE: $1,286/tonne, up $1-2/tonne
One trade was reported at $1,286/tonne. Eurobob gasoline traded at $1,071-1,082/tonne, putting the MTBE factor against cash barges at 1.19-1.20.
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