13 November 2013 17:22 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: December WTI: $94.31/bbl, up $1.27/bbl. December BRENT: $107.00/bbl, up $1.19/bbl
Crude oil futures gained late on Wednesday finding support from reduced production and exports of Libyan crude oil. Prices were also supported by comments from the European Central Bank emphasising that negative interest rates and asset purchase programmes could be introduced to support the eurozone economy.
NAPHTHA: $935-937/tonne, up 4/tonne.
The cargo range was assessed up from earlier in the day. There were no trades in the open market platform today. December swaps were assessed at $917-919/tonne.
BENZENE: $1,210-1,220/tonne, up $10-20/tonne
Continued crude oil gains and increasingly bullish sentiment helped push the market up further. There was talk of November deals at $1,210/tonne, pending further confirmation. December was flat with November.
STYRENE: $1,570-1,600/tonne, down $5-10/tonne
November traded at $1,585/tonne this afternoon and the range moved lower. December was backwardated at $1,560-1,590/tonne. While sentiment is increasingly bearish as the end of the year approaches, several players said that the traditional inventory destocking process in December would be less pronounced as players have carefully managed inventory throughout 2013.
TOLUENE: $1,060-1,080/tonne, up $10-15/tonne
Higher US pricing this month combined with sharp gains for crude oil and energy are helping push European numbers up. There was a deal done at $1,060/tonne last week, and the arbitrage window from Europe to the US is open at around this level as offers there reach $3.80/gal.
MTBE: $1,030-1,047/tonne, steady
Prices have been assessed stable, with no trades heard during the open window session.
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