EVENING SNAPSHOT - Europe Markets Summary

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

CRUDE: August WTI: $76.85/bbl, up $0.84/bbl. September BRENT: $76.25/bbl, up $0.88bbl
Early gains posted as a result of a weaker US dollar were eroded as the stock markets failed to live up to expectations.

NAPHTHA: $620-625/tonne, up $12/tonne
Naphtha spot prices gained on higher crude oil prices, with a trade reported at $623/tonne.  August swaps were pegged at $628-629/tonne.

BENZENE: $820-830/tonne, down $5/tonne
July was valued down this afternoon on weaker crude numbers in a quiet market. August was backwardated at $810-820/tonne.

STYRENE: $1,060-$1,080/tonne, steady
The market was quiet this afternoon, and the range for July was steady at $1,060-$1,080/tonne. August was notionally valued at $1,030-1,050/tonne and September was talked at $1,000-1,020/tonne.

TOLUENE: $720-760/tonne, steady
The range for July was unchanged in a quiet market, with no firm bids or offers seen.

MTBE: $765-770/tonne, up $14/tonne
One trade at $767/tonne was reported in the afternoon window. Gasoline traded at $700/tonne. The factor against gasoline was pegged at 1.09-1.10.

PARAXYLENE: $870-930/tonne steady
European paraxylene (PX) spot price ideas were steady at $870-930/tonne. Traders said there simply was no spot market for PX at the moment because producers refused to offer at such low levels.