27 March 2013 17:44 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: May WTI: $96.06/bbl, down 28 cents/bbl. May BRENT: $109.40/bbl, up 4 cents/bbl
ICE Brent crude oil futures edged lower, pressured by the continued political stalemate in Italy. WTI crude oil futures remained in negative territory pressured by rising stock levels in the US.
NAPHTHA: $895-896/tonne, down $5/tonne.
The cargo range edged down. There were four cargoes sold during today’s trading session. April swaps were assessed at $885-887/tonne.
BENZENE: $1,255-1,270/tonne, up $5-10/tonne
April traded as high as $1,270/tonne, but the market later eased off, with deals done at $1,255-1,260/tonne. May was valued at $1,275-1,295/tonne.
STYRENE: $1,635-1,655/tonne, widening
The range for both months widened, although the market was largely subdued. The spread with benzene remains high and sources expect this to temper any downward movement on April feedstocks, with the ethylene contract already settled at a €60/tonne reduction.
TOLUENE: $1,220-1,240/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: $1,206/tonne, up $8-11/tonne
Prices edged up with one deal reported during open market trading. EuroBob gasoline traded at $1,050-1,058/tonne FOB AR, putting the MTBE factor against barges at 1.14-1.15.
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