EVENING SNAPSHOT Europe Markets Summary

11 March 2014 17:09 Source:ICIS News

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

CRUDE: April WTI: $100.38/bbl, down 74 cents/bbl. April BRENT: $108.10/bbl, up 2 cents/bbl
Brent crude oil futures reversed losses to trade in positive territory late on Tuesday but the NYMEX remained pressured by rising unemployment in the US and expectations that last week's crude oil inventories will have increased. The US Energy Information Administration will publish its weekly stock report on Wednesday.

NAPHTHA: $911-913/tonne, down $1/tonne
The cargo range was assessed lower with no trades during open market trading. April swaps were assessed at $896-897/tonne.

BENZENE: $1,355-1,380/tonne, down $5/tonne on the buy side
March initially edged lower in a quiet market while April remained backwardated at $1,300-1,355/tonne, with a wide bid/offer range limiting any trading. March later moved back up slightly while April narrowed to $1,315-1,325/tonne.

STYRENE: $1,560-1,585/tonne, steady
The spot market was subdued throughout the day and the bid/offer range for both months remained unchanged. There was talk of a 2,000 tonne deal for March done at $1,565/tonne, but this was so far unconfirmed.

TOLUENE: $1,110-1,140/tonne, down $10/tonne
The spot market was quiet and the bid/offer range assessed lower in line with weaker numbers in the US, where xylene has become more attractive for the gasoline blending sector. The arrival of imports by mid to late March into Europe is also likely to ease tight regional availability outside of contractual volumes.

MTBE: $1,141/tonne, steady
Prices have been assessed stable with no trades noted by sources during open market trading.

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By Staff Reporter