27 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: April WTI: $92.70/bbl, up 7 cents/bbl. April BRENT: $112.49/bbl, down 22 cents/bbl
Crude oil futures reversed gains after the US Energy Information Administration released its weekly stock report showing an unexpected rise in distillate stocks. However, the gains were capped by a smaller than expected build in crude inventories.
NAPHTHA: $968-970/tonne, down $18/tonne
The cargo range lost ground as a result of lower crude oil prices. There was one trade this afternoon. March swaps were assessed at $951-953/tonne.
BENZENE: $1,370-1,380/tonne, down $10/tonne on the sell side
There were unconfirmed deals for March at $1,375/tonne and $1,380/tonne, and the range was assessed lower on the offer side. April traded at $1,382/tonne and the range came down at the high end to reflect this, closing at $1,380-1,390/tonne. May traded at $1,400/tonne.
STYRENE: $1,720-1,735/tonne, steady
There was an unconfirmed March deal at $1,725/tonne, within the current range. The market was otherwise quiet.
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: $1,237, down $18/tonne
No trades took place, despite three offers heard lower than the previously traded price. The range has been assessed lower as a result. Eurobob gasoline traded at 1,036-1,047/tonne
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