EVENING SNAPSHOT Europe Markets Summary

20 March 2014 17:16 Source:ICIS News

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

CRUDE: April WTI: $99.21/bbl, down $1.16/bbl. May BRENT: $105.78/bbl, down 7 cents/bbl
Crude futures eased on Thursday pressured by global stock markets which mostly traded in negative territory following the US Federal Reserve’s decision to taper its asset purchase programme.

NAPHTHA: $900-901/tonne, up $7/tonne on the low end, up $6/tonne on the high end
The cargo range was assessed up from earlier in the day. There were no trades in the open market platform. April swaps were assessed at $887-888/tonne.

BENZENE: $1,390-1,410/tonne, down $10/tonne
March bids and offers were lower this afternoon as the prompt market started to ease. April remains backwardated at $1,350-1,360/tonne.

STYRENE: $1,595-1,610/tonne, down $25/tonne
March traded at $1,610/tonne and the range moved lower, although some players expect the market to recover into April alongside Asia and renewed derivative demand in Europe. April traded at $1,625/tonne and the range was later valued at $1,605-1,630/tonne.

TOLUENE: $1,070-1,130/tonne, steady
The spot market was quiet and the range was unchanged. With the arbitrage window out of Europe into other regions firmly closed, toluene activity has been limited in the lead up to April. Producers have noted there remains some tightness for prompt cargo, however, which could have an impact on the upcoming monthly contract talks.

MTBE: $1,131/tonne, up $7/tonne
Prices edged up with one deal taking place during open market trading. The MTBE factor against Eurobob gasoline cash barges was assessed at 1.23-1.24.

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By Staff Reporter