16 October 2013 17:49 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: November WTI: $101.72/bbl, up 51 cents/bbl. November BRENT: $110.44/bbl, up 48 cents/bbl
Crude futures gained as investors are cautiously optimistic that the ongoing stalemate in the US over the budget and debt ceiling will be resolved before the 17 October deadline. Without an agreement, the US is likely to default, which would send the US economy back into recession.
NAPHTHA: $921-922/tonne, up $12/tonne
The cargo range traded up. There were two trades in the open market platform today. November swaps were assessed at $918-920/tonne.
BENZENE: $1,175-1,190/tonne, up $10-15/tonne
Bids for October were firmer at $1,175/tonne, moving back up as the US market gained ground. There were no firm corresponding offers. November was flat with October.
STYRENE: $1,580-1,595/tonne, up $10/tonne
The market recovered some lost ground, with the US market edging up midweek. There was a deal done at $1,580/tonne for October earlier. November was valued flat with October.
TOLUENE: $1,055-1,070/tonne, down $10-15/tonne
The spot market remains subdued amid weak US and Asian pricing. The recent downturn in the US market, where prices have recently fallen below $3.60/gal on energy losses and an influx of imported material, is putting some downward pressure on global pricing.
MTBE: $1,080/tonne, up $8-9/tonne
Prices edged up with one trade during the open window session. The MTBE factor against Eurobob gasoline cash barges was assessed at 1.13. For more pricing intelligence please visit ICIS pricing.
For more pricing intelligence please visit ICIS pricing
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