25 October 2013 17:30 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s end of day European oil and chemical market summary from ICIS.
CRUDE: Dec WTI: $97.59/bbl, up 48 cents/bbl. Dec BRENT: $106.68/bbl, down 31 cents/bbl
Brent crude oil futures remained in negative territory late on Friday pressured by poor demand for physical crude as refining margins remain lacklustre. NYMEX WTI crude oil futures edged higher as the US Federal Reserve is now unlikely to taper its $85bn/month asset purchase programme until 2014.
NAPHTHA: $886.75-889/tonne, down $6.75-5.50/tonne at the high end.
The cargo range traded down from earlier in the day. There were four trades in the open market platform today. November swaps were assessed at $885-887/tonne.
BENZENE: $1,175-1,185/tonne, steady
November traded at $1,175/tonne this afternoon, within the current range. The market was otherwise subdued. November closed flat with October.
STYRENE: $1,590-1,610/tonne, down $15-30/tonne
The upward momentum on styrene appeared to stall this afternoon, with one consumer noting offers for November back down at $1,605/tonne. There was talk of deals done for November at $1,600/tonne and the range eventually closed around this level. October was finished and assessed flat with November at the close of the day.
TOLUENE: $1,000-1,050/tonne, steady
Continued weak US and Asian pricing saw European numbers edge down this week. There were some offers for material heard at $1,050/tonne on an FOB basis but no firm corresponding bids. Buying interest from the gasoline blending sector was pegged around the $1,000/tonne mark, with FOB AR gasoline numbers in the low 900s/tonne. One consumer said it had bought some low purity material around the $1,000/tonne level on railcars this week.
MTBE: $1,018-1,019/tonne, down $2-3/tonne
Prices declined further with two trades heard during the open window session. The MTBE factor against Eurobob gasoline cash barges was assessed at 1.11-1.12.
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