EVENING SNAPSHOT Europe Markets Summary
28 August 2013 17:00 [Source: ICIS news] LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: October WTI: $110.09/bbl, up $1.08/bbl. October BRENT: $115.66/bbl, up $1.30/bbl
Crude oil futures remained in positive territory, supported by concerns of potential oil supply disruptions from the middle east as the US, UK and its allies prepare for military conflict against Syria. Prices were also supported by on-going reduced exports from Libya as workers continue to strike over pay.
NAPHTHA: $962-964/tonne, down $3/tonne
The cargo range traded down. There was one trade in the open market platform today. September swaps were assessed at $958-960/tonne.
BENZENE: $1,290-1,300/tonne, down $5-10/tonne
September traded several times at $1,295/tonne in a subdued market, with no clear direction emerging for the upcoming month.
STYRENE: $1,900-2,000/tonne, up $60-100/tonne
Bids for the first half of September moved as high as $1,900/tonne in a dry market, while offers were as high as $2,000/tonne. There was talk of a deal done at $1,920/tonne but this was so far unconfirmed. October was valued at $1,775-1,800/tonne.
TOLUENE: $1,120-1,130/tonne, steady
The spot market was quiet and the range was unchanged, with prices supported by gains seen in the US. Derivative toluene di-isocyanate (TDI) players are expecting a seasonal uplift next month following a weak first half of 2013. One supplier confirmed that it is seeing strong order levels for TDI into next month, and there is talk that one TDI producer is on force majeure, which will keep upward pressure on pricing.
MTBE: $1,252/tonne, up $28/tonne
Prices edged up with one deal heard taking place in the open window session. Eurobob gasoline traded at $1,052-1,058/tonne FOB AR.
For more pricing intelligence please visit ICIS pricingBy: Staff Reporter+44 20 8652 3214
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