EVENING SNAPSHOT Europe Markets Summary

26 March 2014 17:21 Source:ICIS News

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

CRUDE: May WTI: $99.69/bbl, up 50 cents/bbl. May BRENT: $106.76/bbl, down 23 cents/bbl
NYMEX WTI crude oil futures climbed amid a fall in crude oil stocks at the land-locked Cushing, Oklahoma, delivery hub. However, overall US crude stocks climbed, according to data from the US Energy Information Administration, which pushed Brent into negative territory.

NAPHTHA: $900-907/tonne, down $6-11/tonne
The cargo range traded down from earlier in the day. There were three trades during the open market platform.
April swaps were at $895-896/tonne.

BENZENE: $1,385-1,410/tonne, down $10-15/tonne
March bids and offers held steady around the $1,400/tonne mark midweek. April was still backwardated at $1,380-1,400/tonne.

STYRENE: $1,630-1,635/tonne, up $15-20/tonne
March traded at $1,630/tonne and $1,635/tonne this afternoon, with industry buying, as the contango into April flattened. Steady-to-firm benzene numbers also buoyed styrene sentiment. The range for April was talked narrower at $1,630-1,635/tonne, and a deal was done at $1,630/tonne.

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. Bearish global pricing and limited demand from gasoline blenders is weighing on European toluene sentiment ahead of April contract talks.

MTBE: $1,128-1,129/tonne, down $3-4/tonne
Eight trades were heard taking place during open market trading, however, prices edged down from yesterday. The MTBE factor against Eurobob gasoline cash barges was assessed at 1.21.

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By Staff Reporter