NOON SNAPSHOT - Europe Markets Summary

16 July 2010 12:00 [Source: ICIS news]

LONDON (ICIS news)--Here is Friday’s midday European oil and chemical market summary from ICIS.

CRUDE: August WTI: $76.70/bbl, up $0.08/bbl. September BRENT: $76.10/bbl, up $0.01/bbl
Crude oil futures showed little movement during the morning session, with some support coming from the gains in the stock markets.

NAPHTHA: $615-625/tonne, up $5/tonne
Naphtha spot prices were assessed higher as crude oil futures remained supported. However, downward pressure on the back of an oversupply situation persisted. The market remained in contango with August swaps pegged at $630-631/tonne.

BENZENE: $818-835/tonne, up $13-20/tonne
The range for July was pegged at $818-835/tonne this morning. August was backwardated at $805-815/tonne.

STYRENE: $1,060-$1,080/tonne, down $5/tonne
July was valued at $1,060-$1,080/tonne FOB Rotterdam this morning, down $5/tonne from previous indications in line with softer crude figures.

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