12 March 2013 17:14 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: April WTI: $92.88/bbl, up 82 cents/bbl. April BRENT: $109.91/bbl, down 31 cents/bbl
Brent crude oil futures reversed gains late on Tuesday after the US Energy Information Administration slashed its world oil demand growth forecast by 40,000 bbl/day to 1.01m bbl/day.
NAPHTHA: $936-938/tonne, up $22/tonne on the low end, up $9/tonne on the high end
The cargo range edged up from earlier in the day on a firmer crack spread. There was one trade. April swaps were assessed at $894-896/tonne.
BENZENE: $1,250-1,270/tonne, up $5-10/tonne
March recouped the losses seen earlier today, as firmer crude futures and a spike in styrene numbers helped support some minimal upward movement. April was in contango at $1,260-1,280/tonne.
STYRENE: $1,685-1,725/tonne, up $35-60/tonne
The market saw a sharp spike this afternoon amid talk of possible delivery problems owing to poor weather conditions, although this was so far unconfirmed. March traded at $1,683/tonne and $1,685/tonne before offers climbed comfortably back above $1,700/tonne. Nevertheless, buyers exercised caution in following sellers upward. April remained in contango, trading at $1,695/tonne, and the range closed at $1,690-1,715/tonne.
TOLUENE: $1,220-1,270/tonne, steady
The spot market was quiet and the March bid/offer range was unchanged.
MTBE: $1,158-1,168/tonne, down $26-36/tonne
No deals were done, but talk on a factor against gasoline basis was around 1.20. Prices have been adjusted accordingly. EuroBob gasoline traded at $969/tonne, down $20/tonne.
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