20 March 2013 17:06 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: April WTI: $92.40/bbl, up 24 cents/bbl. May BRENT: $107.86/bbl, up 41 cents/bbl
Crude oil futures weakened but remained in positive territory, pressured by ongoing uncertainty over the Cyprus bailout.
NAPHTHA: $895-897/tonne, down $17/tonne
The cargo range edged down on lower crude oil prices. April swaps were assessed at $882-884/tonne.
BENZENE: $1,250-1,265/tonne, up $25-35/tonne
The market picked up as crude saw further upward movement, the gains also supported by firmer styrene pricing. Deals for March and April were done at $1,250/tonne.
STYRENE: $1,635-1,645/tonne, up $15-20/tonne
The market saw some upward movement following news that SABIC unexpectedly shut its 500,000 tonne/year SADAF No 2 styrene monomer unit at Jubail, Saudi Arabia, on 19 March. As a result, more buyers stepped into the market both in Europe and abroad. Bids edged up to $1,625/tonne before March deals were done at $1,635/tonne and $1,645/tonne, with firming benzene levels also helping push the current month up. April traded at $1,655/tonne.
TOLUENE: $1,220-1,250/tonne, down $20/tonne
The market remained quiet with some offers at $1,240/tonne on a CIF basis but no corresponding bids. The range was assessed lower in line with a bearish Asian market, where prices fell to an eight and a half month low amid high inventory levels.
MTBE: $1,210/tonne, down $26/tonne
MTBE prices declined with one trade of $1,210/tonne FOB AR heard during the open market session. EuroBob gasoline did not trade.
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