EVENING SNAPSHOT Europe Markets Summary

23 April 2014 17:21 Source:ICIS News

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

CRUDE: June WTI: $101.73/bbl, down 2 cents/bbl. June BRENT: $108.98/bbl, down 29 cents/bbl
Crude futures weakened substantially on Wednesday after the US Energy Information Administration released its weekly crude stock report showing crude stocks had risen to the highest levels since records began in 1982. However, both Brent and the NYMEX recuperated shortly after the publication.

NAPHTHA: $929-931/tonne, up $2/tonne
Cargo prices increased on a deal done in the afternoon. May swaps were assessed at $919-921/tonne.

BENZENE: $1,420-1,450/tonne, narrowing
Benzene prices saw a narrowing range. The market was quiet as players digested the downward movement seen in the morning. Bids moved up $15/tonne and offers down $10/tonne. May remained backwardated at $1,370-1,390/tonne for any-May, with bids unchanged and offers down $10/tonne over the day.

STYRENE: $1,580-1,620/tonne down $15/tonne
Prices came off further through the afternoon as this morning’s lower benzene prices were reflected. Two deals were confirmed for May at $1,620/tonne, each 1,000 tonnes.

TOLUENE: $1,100-1,150/tonne, offer up $10/tonne
An offer was heard at $1,150/tonne, up $10/tonne from Tuesday’s close as strong gasoline prices were reflected. However it was said to attract no buying interest.

MTBE: $1,140-1,145/tonne, down $3/tonne on the buy and $1/tonne on the sell side
Methyl tertiary butyl ether (MTBE) prices edged downward, with two deals heard during open market trading. The MTBE factor against Eurobob gasoline cash barges was assessed at 1.11.

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By Staff Reporter