EVENING SNAPSHOT Europe Markets Summary

12 November 2013 17:28  [Source: ICIS news]

LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.

CRUDE: Dec WTI: $94.67/bbl, down 47 cents/bbl. Dec BRENT: $106.83/bbl, up 43 cents/bbl
NYMEX WTI crude oil futures remained pressured late on Tuesday on expectations that US crude oil stocks had increased last week. Adding to the bearish sentiment, there is growing expectation the US Federal Reserve will begin to taper its $85bn/month asset purchase programme sooner rather than later.

NAPHTHA: $926-928/tonne, stable
The cargo range traded stable from earlier in the day. There was one trade in the open market platform on Tuesday. December swaps were assessed at $908-910/tonne.

BENZENE: $1,185-1,200/tonne, down $5/tonne on the sell side
There were reports of a November deal done at $1,185/tonne but this was so far unconfirmed. Offers were slightly lower, and there was some anticipation that domestic prices could ease off to help open the arbitrage window from Europe into the US.

STYRENE: $1,580-1,610/tonne, down $10/tonne on the buy side
Bids for November were slightly lower this afternoon at $1,580/tonne. There were reports of a November deal done at $1,602.50/tonne but this was so far unconfirmed.

TOLUENE: $1,050-1,065/tonne, steady
The spot market was quiet and the range for November was unchanged. After a bearish October, the market is showing signs of recovery, supported by renewed buying interest from the Middle East as well as firmer US numbers.

MTBE: $1,030-1,047/tonne, down $6/tonne on the low end, up $7/tonne on the high end
The MTBE price spread has been assessed wider, with only bids and offers heard during today’s open window session.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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