EVENING SNAPSHOT Europe Markets Summary

21 February 2014 17:42 Source:ICIS News

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

CRUDE: April WTI: $102.15/bbl, down 60 cents/bbl. April BRENT: $109.77/bbl, down 53 cents/bbl
Crude futures remained in negative territory late on Friday pressured by rising crude oil stocks in the US. Prices were also pressured by this week’s pessimistic economic data from both China and Japan.

NAPHTHA: $915-917/tonne, down $1/tonne.
The cargo range was assessed down on a fall in ICE Brent crude oil futures. March swaps were assessed at $911-913/tonne.

BENZENE: $1,470-1,500/tonne, up $40/tonne on the buy side
February bids later moved as high as $1,470/tonne while March was valued at $1,380-1,400/tonne and the first half of the month even higher with offers at $1,410/tonne.

STYRENE: $1,605-1,620/tonne, steady
February was quiet towards the end of the day, while March offers moved higher to $1,660/tonne.

TOLUENE: $1,100-1,125/tonne, steady
The spot market was subdued today and the bid/offer range for February was unchanged. Weaker numbers in Asia and a bearish macroeconomic environment are weighing down on the European toluene market, although many in the market are carefully watching developments in the US amid renewed buying interest from the gasoline blending sector and higher spot pricing.

MTBE: $1,158/tonne, narrowed
The price spread narrowed with one deal heard in open market trading. The MTBE factor over Eurobob gasoline cash barges was assessed at 1.19-1.20.

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By Staff Reporter