EVENING SNAPSHOT Europe Markets Summary

08 January 2014 17:24 Source:ICIS News

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

CRUDE: February WTI: $93.01/bbl, down 66 cents/bbl. February BRENT: $107.37/bbl, up 2 cents/bbl
Crude oil futures retreated from highs set earlier in the day pressured by rising crude oil production from Libya and escalating violence in Iraq.

NAPHTHA: $920-927/tonne, down $3/tonne
The cargo range was assessed down. There were no trades in the open market platform. February swaps were assessed at $911-913/tonne.

BENZENE: $1,370-1,390/tonne, down $5/tonne on the buy side
Spot activity was subdued throughout the day and the January bid/offer range remained relatively steady. February remained backwardated at $1,350-1,370/tonne.

STYRENE: $1,700-1,720/tonne, down $10/tonne on the buy side
There was an unconfirmed February deal this afternoon at $1,720/tonne and the range closed at $1,715-1,725/tonne. Bids for January were assessed lower at $1,700/tonne. The European styrene customer reference price (CRP) for January has been settled at €1,418/tonne FCA Rotterdam, up €35/tonne from last month.

TOLUENE: $1,100-1,130/tonne, steady
The spot market remained quiet due to continued domestic illiquidity and the range was unchanged. While there was no clear pattern for the upcoming month yet to emerge, sources believed that a continued lack of liquidity in the European market would plague price discussions.

MTBE: $1,071/tonne, up $5/tonne on the low side, down $3/tonne on the high side
The price range narrowed with one trade taking place during the open window session. The MTBE factor against Eurobob gasoline cash barges remained at 1.15-1.16.

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By Staff Reporter