25 March 2013 17:15 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS.
CRUDE: May WTI: $94.14/bbl, up 43 cents/bbl. May BRENT: $107.50/bbl, down 16 cents/bbl
ICE Brent crude oil futures weakened late on Monday as the initial euphoria regarding the Cyprus bailout began to fade. The deal continues to set a levy on banking accounts with deposits above €100,000 which has hit investor confidence in the Cypriot financial sector.
NAPHTHA: $889-891/tonne, down $12/tonne on the low end, down $25/tonne on the high end
The cargo range edged down from earlier in the day on softer crude oil prices and a weaker crack spread. April swaps were assessed at $881-882/tonne.
BENZENE: $1,275-1,285/tonne, up $10/tonne on the buy side
April traded twice at $1,280/tonne and the range was assessed higher on the bid side. May was in contango at $1,280-1,300/tonne, with sentiment looking firmer for the forward month owing to several upcoming cracker turnarounds.
STYRENE: $1,650-1,660/tonne, narrowing
April bids and offers narrowed from last week’s close in a relatively subdued market, with many players attending the AFPM meeting in San Antonio, Texas, this week.
TOLUENE: $1,220-1,250/tonne, steady
The market remained quiet amid poor spot demand and a bearish Asian market, where prices fell to an eight and a half month low last week amid high inventory levels.
MTBE: $1,218/tonne, steady
The inactive market continued with no deals seen during open market trading. EuroBob gasoline traded at $1,036/tonne.
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