EVENING SNAPSHOT Europe Markets Summary

03 March 2014 17:41 Source:ICIS News

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

CRUDE: April WTI: $105.09/bbl, up $2.50/bbl. April BRENT: $111.80/bbl, up $2.73/bbl
Crude futures surged on Monday supported by concerns over Moscow's military build up in Ukraine. According to reports, Russia is now in de facto military control of Ukraine’s Crimea region.

NAPHTHA: $949-951/tonne, up $17/tonne on the low end, up $18/tonne on the high end
The cargo traded up from earlier in the day. There was one trade in the open market platform. April swaps were assessed at $923-925/tonne.

BENZENE: $1,360-1,380/tonne, up $25-50/tonne
The market recovered from earlier, with sentiment buoyed by positive signals from the downstream phenolic chain for the current month. March later traded at $1,370/tonne. April was also firmer from this morning, closing at $1,300-1,325/tonne. Deals were done today at $1,295/tonne and $1,310/tonne.

STYRENE: $1,545-1,575/tonne, up $5-10/tonne
Offers for March moved as low as $1,550/tonne but were still not met with any firm bids. Buying indications moved sharply lower, with reports of one trader looking for a $200/tonne spread over benzene, which saw bids as low as $1,310/tonne this morning. March styrene bids were assessed at $1,520/tonne. There was a spot deal later done at $1,535/tonne, while April was valued at $1,545-1,565/tonne. March later recovered, and there was unconfirmed reports of a deal done at $1,550/tonne. April edged back up to close at $1,555-1,580/tonne.

TOLUENE: $1,140-1,150/tonne, steady
The spot market was quiet and the bid/offer range for March was unchanged. One European consumer said that it had settled March contracts today at $1,125/tonne FOB NWE, down $5-10/tonne from the previous month. Further confirmation from other players is pending.

MTBE: $1,163-1,185/tonne, up $23-35/tonne
No deals were done but bids and offers were made at higher levels, and the assessed range has been adjusted accordingly.

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By Staff Reporter