31 December 2013 16:59 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: February WTI: $98.50/bbl, down 79 cents/bbl. February BRENT: $110.64/bbl, down 57 cents/bbl
Crude oil futures weakened late on Tuesday after mediators said the South Sudanese government agreed a ceasefire with rebels. Prices were also pressured by poor refining margins particularly in the Mediterranean region where shortages are pushing up the value of physical grades.
NAPHTHA: $948-950/tonne, down $5-6/tonne
Prices were assessed lower on a weaker crack spread. Swaps were assessed at $950-952/tonne.
BENZENE: $1,370-1,380/tonne, steady
The market was quiet ahead of the New Year holiday with limited participation from buyers and sellers throughout the day. February was backwardated at $1,330-1,360/tonne.
STYRENE: $1,700-1,720/tonne, steady
Spot market activity remained quiet amid the ongoing Christmas and New Year holiday period, and the bid/offer range was unchanged with no firm buy/sell interest noted among players. February was valued flat with January.
TOLUENE: $1,090-1,110/tonne, steady
The spot market was quiet and the range was unchanged. Despite European prices still being favourable over Asian cargo to importers from other regions such as India, there was little appetite for material ahead of year-end owing to limited demand.
MTBE: $1,095/tonne, down $4-14/tonne
Prices are assessed lower with one trade noted during open market trading.
For more pricing intelligence please visit ICIS pricing
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