21 November 2013 17:49 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s end of day European oil and chemical market summary from ICIS.
CRUDE: January WTI: $95.10/bbl, up $1.25/bbl. January BRENT: $108.95/bbl, up 89 cents/bbl
Crude futures rose sharply when the weekly US natural gas stock figures from the Energy Information Administration (EIA) showed a larger draw than forecast. This added to concerns over winter heating fuel, after the weekly oil stock data published by the EIA on Wednesday showed a massive draw on distillates.
NAPHTHA: $945-947/tonne, up 13/tonne on the low end, up $14/tonne at the high end
The cargo range traded up. There were two trades in the open market platform today. December swaps were assessed at $938-939/tonne.
BENZENE: $1,290-1,320/tonne, narrowing
November bids and offers narrowed, with some upward pressure on the buy side noticeable. December was valued at $1,270-1,290/tonne, the backwardation in the market growing. There has been some trading activity for January this week, but many players are uncertain of November and December given the gap between buyers and sellers and the possible impact of the explosion at Total’s Antwerp site on the market.
STYRENE: $1,590-1,630/tonne, widening
There were very few buyers in the market, which was characterised by several players as balanced and thin this week. Bids came down as a result, with many consumers waiting for the psychological impact of the Antwerp explosion to ease off. There has been no reports of any impact on styrene production.
TOLUENE: $1,080-1,100/tonne, up $30/tonne on the buy side
The low end of the range was assessed higher this week following talk of a spot deal done at $1,090/tonne, pending further confirmation. The European market has grown increasingly bullish following the explosion at Total’s Antwerp site and talk of another producer declaring force majeure on toluene, although this is also yet to have been confirmed.
MTBE: $1,045-1,075/tonne, up by $5-35/tonne
Prices were assessed higher on bids and offers seen. No deals were done. EuroBob gasoline traded at $934-945/tonne, putting the MTBE factor against cash barges notionally at 1.12-1.14.
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