EVENING SNAPSHOT – Europe Markets Summary

19 March 2013 17:20  [Source: ICIS news]

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

CRUDE: April WTI: $92.92/bbl, down 82 cents/bbl. May BRENT: $108.20/bbl, down $1.31/bbl
Crude oil futures extended losses, pressured by continued uncertainty regarding the Cyprus bailout.

NAPHTHA: $909-911/tonne, up $14/tonne
The cargo range edged up on a firmer crack spread. There was one trade. April swaps were assessed at $881-883/tonne.

BENZENE: $1,220-1,240/tonne, up $10/tonne on the buy side
March deals were heard at $1,220/tonne and $1,222.50/tonne, though these remain unconfirmed. Bids for March moved as low as $1,200/tonne but the market later recovered as the US held steady. April was wider at $1,210-1,245/tonne.

STYRENE: $1,610-1,630/tonne, down $5/tonne on the buy side
There was an unconfirmed March deal done at $1,620/tonne, and the range was adjusted to reflect this. April was valued at $1,615-1,645/tonne.

TOLUENE: $1,230-1,270/tonne, steady
The market remained quiet as buyers looked towards the US and Asian markets for a sense of direction. Spot activity is muted, however, with no clear arbitrage opportunities into the US market and continued bearishness in Asia.

MTBE: $1,236/tonne, steady
No deals were heard during open market trading, the range has been assessed stable as a result.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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