23 April 2013 17:03 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: June WTI: $88.40/bbl, down 79 cents/bbl. June BRENT: $99.45/bbl, down 94 cents/bbl
Crude oil futures remained in negative territory late on Tuesday pressured by weaker-than-expected economic data from China and Germany.
NAPHTHA: $790-792/tonne, up $1/tonne on the low end, stable at the high end.
The cargo range was assessed stable to soft compared with earlier in the day on higher crude oil prices and a weaker crack spread. There were no trades in the open market session. May swaps were assessed at $788-789/tonne.
BENZENE: $1,410-1,430/tonne, up $30/tonne
The market recovered earlier losses. April bids were up to $1,410/tonne as a premium emerged for the first half of May, with a range of $1,410-1,420/tonne this afternoon while any May delivery was valued at $1,395-1,405/tonne following deals done at $1,395/tonne and $1,400/tonne. There was talk of production problems with one European supplier pushing prompt numbers higher, but this was so far unconfirmed.
STYRENE: $1,520-1,540/tonne, up $5/tonne on sell side
April traded at $1,530/tonne this afternoon and the range was adjusted to reflect this. May was valued lower at $1,530-1,550/tonne.
TOLUENE: $1,120-1,140/tonne, steady
The ongoing slump in oil and energy futures continues to weigh down on the market amid slow demand and limited export potential. The spot range was assessed steady.
MTBE: $1,040-1,060/tonne, steady
The market was devoid of any bids or offers. The range has been assessed stable as a result.
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