LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: May WTI: $99.96/bbl, up 36 cents/bbl. May BRENT: $107.28/bbl, up 47 cents/bbl
Crude oil futures remained in positive territory on Tuesday amid tensions between Russia and the west. Prices were also supported by ongoing reduced exports from Libya and Iraq.
NAPHTHA: $912-915/tonne, down $3/tonne
The cargo was assessed down from earlier in the day. There were no trades in the open market platform. April swaps were assessed at $900-902/tonne.
BENZENE: $1,400-1,420/tonne, steady
March traded at $1,410/tonne earlier today, within the bid/offer range for the current month. There were reports of a recent fire at a refinery in the Mediterranean, but there has so far been no corresponding spike on benzene spot pricing. One source said there was more of an impact on cumene availability.
STYRENE: $1,595-1,620/tonne, up $15-20/tonne
March was valued higher this afternoon amid some upstream benzene gains and renewed buying interest from industry. There is also some speculation that PO/SM (propylene oxide/styrene monomer) production in Europe is likely to be dialled down in the coming weeks as demand for polyols and de-icer slows in the run-up to summer. April was valued at $1,610-1,630/tonne, and there were reports of a deal done at $1,625/tonne pending further confirmation.
TOLUENE: $1,070-1,130/tonne, steady
The spot market was quiet and the range was unchanged. Offers were last reported at $1,130/tonne but were not met with any bids. The arbitrage window out of Europe into other regions is firmly closed, keeping toluene spot activity limited in the lead-up to April.
MTBE: $1,132/tonne, up $1/tonne
Prices edged up with one trade reported taking place during open market trading.
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