EVENING SNAPSHOT - Europe Markets Summary

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

CRUDE: August WTI: $75.75/bbl, down $0.87/bbl. September BRENT: $75.05/bbl, down $1.04/bbl
Once again, prices fell sharply in tandem with global stock markets, which were suffering from concerns about the pace of the global economic recovery.

NAPHTHA: $610-618/tonne, down $5/tonne
Spot prices fell due to an oversupply situation in Europe and lower crude oil prices seen during the afternoon session. The market was in contango and the August swaps were pegged at $622-623/tonne.

BENZENE: $830-840/tonne, up $5-12/tonne
July was valued slightly firmer this afternoon, while August was backwardated at $815-830/tonne. September was pegged flat with August. July deals were talked at $830-835/tonne, but further confirmation was pending.

STYRENE: $1,060-$1,080/tonne, steady
The market was quiet this afternoon, and the range for July was steady. August was notionally valued at $1,030-1,050/tonne.

TOLUENE: $720-760/tonne, down $20/tonne
The range for July was valued at $720-760/tonne this afternoon, down from previous indications as imported cargo put downward pressure on price ideas.

MTBE: $751-763/tonne, up $15-17/tonne
Four trades were seen in the afternoon window. Gasoline traded at $689-697/tonne, putting the factor against gasoline at 1.09-1.095.

XYLENES: $715-770/tonne $5-40/tonne
Mixed xylene was bid at $715/tonne FOB Rotterdam by a trading house. A separate trader said that $770/tonne was the best offer it had heard in the market.