EVENING SNAPSHOT – Europe Markets Summary

15 March 2013 17:18  [Source: ICIS news]

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

CRUDE: April WTI: $93.42/bbl, up 39 cents/bbl. May BRENT: $109.93/bbl, up 97 cents/bbl
Crude oil futures remained in positive territory late on Friday supported by a halt in production of North Sea Oseberg crude. Prices were also supported by President Barack Obama’s pledge to keep military action on the table if sanctions and diplomacy fail to halt Iran’s nuclear ambitions.

NAPHTHA: $913-925/tonne, down $15/tonne on the low end, down $5/tonne on the high end
The cargo range edged down from earlier in the day on a softer crack spread. April swaps were assessed at $897-899/tonne.

BENZENE: $1,255-1,280/tonne, up $5-20/tonne
Firmer crude levels helped push offers for March up this afternoon. Bids were at $1,255/tonne following a deal done at that level. April was in contango at $1,260-1,280/tonne, with a deal done at $1,265/tonne.

STYRENE: $1,640-1,660/tonne, up $20-25/tonne
The market quickly bounced back following some bearishness earlier today, with a March deal done at $1,650/tonne. April was in contango at $1,650-1,680/tonne, later narrowing to close at $1,660-1,675/tonne.

TOLUENE: $1,230-1,270/tonne, down $20/tonne on buy side
Bids moved down, as buyers looked towards the US and Asian markets for a sense of direction. Spot activity remains muted, however, with no clear arbitrage opportunities into the US market and bearishness in Asia.

MTBE: $1,200-1,203/tonne, steady
No deals were reported during the open market session, the range has been assessed stable as a result. EuroBob gasoline did not trade.

For more pricing intelligence visit ICIS pricing


By: Staff Reporter
+44 20 8652 3214



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