EVENING SNAPSHOT Europe Markets Summary

27 August 2014 17:39 Source:ICIS News

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

CRUDE: October WTI: $94.03/bbl, up 17 cents/bbl. October BRENT: $102.79/bbl, up 29 cents/bbl
Crude oil futures gained on Wednesday finding support from a larger-than-expected draw in US crude stocks, according to data from the US Energy Information Administration.

NAPHTHA: $871-873/tonne, up $4/tonne
The cargo range traded up. There were two trades in the open market platform.
August swaps were assessed at $873-875/tonne.

BENZENE: $1,360-1,380/tonne, steady
There was a deal for August done on Tuesday at $1,385/tonne, pending further confirmation. The current month was otherwise quiet this afternoon. September traded at $1,355/tonne, while deals for October were heard at $1,345/tonne and $1,350/tonne. September later moved up to close at $1,365-1,375/tonne.

STYRENE: $1,550-1,580/tonne, steady
There was a prompt August loading deal done at $1,578/tonne earlier today, but the market was otherwise quiet and illiquid. Several players reported improved truck business, with prices discussed at $1,600/tonne FCA and higher. Bids for September EU origin material were heard at $1,565/tonne.

TOLUENE: $1,060-1,090/tonne, steady
The spot market was quiet and the bid/offer range was unchanged. Ample domestic availability, weaker US pricing and softening benzene values are keeping downward pressure on the European toluene market ahead of September contract talks.

MTBE: $1,130/tonne, steady
Prices were assessed stable, with no deals heard during open market trading.

For more pricing intelligence please visit ICIS pricing.

By Staff Reporter