EVENING SNAPSHOT - Europe Markets Summary

02 August 2010 17:10  [Source: ICIS news]

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

CRUDE: September WTI: $81.35/bbl, up $2.40/bbl. September BRENT: $80.80/bbl, up $2.62/bbl
Prices rose to the highest levels since early May on the back of buoyant stock markets and a weaker US dollar.

NAPHTHA: $671-673/tonne, up $6-14/tonne
Values continued to rise in line with crude this afternoon and a trade was seen in the range above. September swaps were pegged at $674-676/tonne.

BENZENE: $920-935/tonne, up $25-50/tonne
Deals for August were talked at $915-930/tonne this afternoon, up from previous levels in line with stronger buying interest and firming crude. A range for August was later heard at $920-335/tonne in a quiet market, while September was valued at $920-940/tonne.

STYRENE: $1,125-1,140/tonne, up 30-35/tonne
August was valued up on higher crude and benzene numbers, and traded this afternoon at $1,140/tonne, up on stronger crude values and higher US numbers closing the arbitrage between the two regions. A deal for August at $1,135/tonne was also talked but could not be confirmed. September remained backwardated at $1,110-1,125/tonne.

TOLUENE: $760-790/tonne, up $30-40/tonne
The range for August was firmer today on the back of a spike in crude and energy numbers.

MTBE: $790-820/tonne, up by $13-39/tonne
There were no trades seen on Monday afternoon and the range pushed higher based on bids and offers. The firmer sentiment was in line with higher gasoline trades. Gasoline traded at $718-730/tonne, putting the MTBE factor against cash barges at 1.08-1.12.

PARAXYLENE: $860-900/tonne steady
August paraxylene price ideas were steady at $860-900/tonne. Traders described the spot market as very quiet.

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