EVENING SNAPSHOT Europe Markets Summary

13 February 2014 17:32 Source:ICIS News

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

CRUDE: March WTI: $100.23/bbl, down 14 cents/bbl. March BRENT: $108.35/bbl, down 44 cents/bbl
Crude oil futures remained in negative territory pressured by concerns over deflation in the euro area and political instability in Italy. Prices were also pressured by a slight increase in jobless claims in the US last week.

NAPHTHA: $906-908/tonne, up $1/tonne
The cargo range was assessed up on a rise in ICE Brent crude oil futures. March swaps were assessed at $902-904/tonne.

BENZENE: $1,385-1,410/tonne, steady
The range for February was steady throughout the day. March traded this afternoon at $1,360/tonne and the range closed at $1,350-1,370/tonne.

STYRENE: $1,560-1,570/tonne, up $5-20/tonne
February bids eventually started to edge upward, closing at $1,560/tonne with no firm offers. There has been talk of February deals done this week at $1,555/tonne and $1,565/tonne but these were so far unconfirmed by any of the players involved. March closed at $1,550-1,570/tonne.

TOLUENE: $1,100-1,135/tonne, steady
The spot market was quiet and the range unchanged. There were unconfirmed offers this week at $1,135/tonne while buyers had moved significantly lower amid improved availability following several production outages earlier this year.

MTBE: $1,130-1,171/tonne, widening
The price range widened, with lower bids and higher offers heard during open market trading.

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By Staff Reporter