EVENING SNAPSHOT – Europe Markets Summary

01 March 2013 17:00  [Source: ICIS news]

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

CRUDE: April WTI: $91.05/bbl, down $1.00/bbl. April BRENT: $110.71/bbl, down 67 cents/bbl
Crude oil futures remained in negative territory on Friday pressured by a failure of US lawmakers to agree on a deficit reduction plan. Prices were also pressured by an underwhelming Purchasing Managers’ Index reading from China.

NAPHTHA: $909-911/tonne, down $2/tonne
The cargo range edged down from earlier in the day as a result of softer crude oil prices. No trades were heard this afternoon. April swaps were assessed at $897-899/tonne.

BENZENE: $1,330-1,350/tonne, down $20-25/tonne
Offers for March came down to $1,350/tonne amid upstream bearishness, and there was a deal done at $1,340/tonne. April closed at $1,340-1,360/tonne, with deals done today at $1,350-1,365/tonne.

STYRENE: $1,685-1,710/tonne, down $15-25/tonne
March continued to move down as benzene fell below $1,350/tonne earlier today. A deal was done at $1,695/tonne. April remained in contango at $1,690-1,725/tonne, with a deal done at $1,710/tonne.

TOLUENE: $1,250-1,280/tonne, up $20-30/tonne
Bids were higher amid reports of growing buying interest for local consumption, although there were no firm indications on the sell side. Initial European toluene contracts for March were confirmed at $1,265-1,275/tonne FOB NWE.

MTBE: $1,197/tonne, down $21/tonne
No trades took place during the afternoon window, however, the range has been assessed down on lower offers. Eurobob gasoline traded at $991-1,008/tonne.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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