EVENING SNAPSHOT – Europe Markets Summary

28 February 2013 17:24  [Source: ICIS news]

LONDON (ICIS)--Here is Thursday’s end-of-day European oil and chemical market summary from ICIS.

CRUDE: April WTI: $92.60/bbl, down 16 cents/bbl. April BRENT: $112.27/bbl, up 40 cents/bbl
ICE Brent crude oil futures were in positive territory, supported by firmer stock markets. However, NYMEX was pressured by US 2012 fourth-quarter GDP figures that showed an upward revision that was below initial forecasts.

NAPHTHA: $955-957/tonne, down $6/tonne
The cargo range slipped from earlier in the day as the effects of a weaker crack spread overrode those of slightly higher crude oil prices. There was one trade this afternoon. March swaps were assessed at $943-945/tonne.

BENZENE: $1,365-1,390/tonne, up $15-20/tonne
The market quickly recovered the ground lost earlier today. April was also firmer at $1,380-1,400/tonne.

STYRENE: $1,710-1,730/tonne, steady
The market was quiet ahead of the benzene March contract settlement, and the range for the current month was unchanged. April closed at $1,725-1,740/tonne.

TOLUENE: $1,220-1,260/tonne, down $10-20/tonne
March spot values were assessed lower in line with falling Asian prices and small losses in the US. However, sellers remain hesitant to lower offers, with prices in the US still acting as a floor for the European market.

MTBE: $1,218, down $19/tonne
Two trades took place during the afternoon, with prices continuing to decline on weaker gasoline values. Eurobob gasoline traded at $1,024/tonne.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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