01 May 2013 17:25 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: June WTI: $90.63/bbl, down $2.83/bbl. June BRENT: $99.42/bbl, down $2.95/bbl
Crude oil futures extended losses, pressured by weaker than expected PMI manufacturing data from China and a much larger than expected build in US crude oil stocks.
NAPHTHA: $783-785/tonne, down $16/tonne on the low end, down $17/tonne on the high end
The cargo range edged down on lower crude oil prices. There was one trade at today’s open market session. May swaps were assessed at $779-781/tonne.
BENZENE: $1,330-1,345/tonne, down $20-30/tonne
May traded at $1,350/tonne, $1,345/tonne and $1,340/tonne this afternoon, the range moving down in a thin market owing to holidays across much of Europe. Crude futures also lost ground, adding to the downtrend. June was valued flat with May at $1,330-1,345/tonne.
STYRENE: $1,560-1,575/tonne, down $15-20/tonne
The range for May edged down in line with crude and benzene. June was valued in a slight contango at $1,565-1,585/tonne.
TOLUENE: $1,120-1,170/tonne, steady
Offers held steady for May as upstream numbers recovered, although buyers remain unwilling to follow. The arbitrage window from Europe into the US remains closed at these levels, effectively keeping demand for spot parcels limited. There is an expectation across the wider aromatics sector that demand will see an upturn next month, with key end-use markets such as construction and food packaging entering a seasonally strong period.
MTBE: $1,040/tonne, down $24-34/tonne
Prices declined on two trades during the open market session, both at $1,040/tonne FOB AR. EuroBob gasoline traded at $902-917/tonne FOB ARA, putting the MTBE factor against barges at 1.13-1.15
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