EVENING SNAPSHOT – Europe Markets Summary

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

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

CRUDE: May WTI: $92.97/bbl, down 53 cents/bbl. May BRENT: $107.70/bbl, down $1.02/bbl
Crude oil futures extended losses, pressured by a potential banking crisis in Cyprus. The EU and the International Monetary Fund said Cyprus needs to fulfill its part of the deal to ensure external funding.

NAPHTHA: $905-907/tonne, up $3/tonne
The cargo range edged up from earlier in the day on a firmer crack spread. There was one trade. April swaps were assessed at $882-893/tonne.

BENZENE: $1,245-1,265/tonne, narrowing
The range for March narrowed, with buyers moving up amid steady to firm US pricing and some gains in the Asian market. April was valued flat with March.

STYRENE: $1,630-1,640/tonne, narrowing
March bids and offers narrowed, with some buying interest heard amongst industry players. April was offered at $1,660/tonne, and  there was a roll deal from March into April at plus $15/tonne.

TOLUENE: $1,220-1,250/tonne, steady
The market remained quiet, with some offers heard at $1,240-1,245/tonne on a CIF basis but no corresponding bids. The range was assessed lower on the offer side in line with a bearish Asian market, where prices fell to an eight and a half month low this week amid high inventory levels.

MTBE: $1,218/tonne, up $8/tonne
MTBE prices edged up with one trade of $1,218/tonne FOB AR heard during the open market session. EuroBob gasoline did not trade.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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