NOON SNAPSHOT - Europe Markets Summary

03 August 2010 12:00  [Source: ICIS news]

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

CRUDE: September WTI: $81.85/bbl, up $0.51/bbl. September BRENT: $81.70/bbl, up $0.88/bbl
Having initially been range-bound, prices rallied strongly late-morning trading as a result of a weaker US dollar.

NAPHTHA: $671-673/tonne, down $8/tonne on the buy side
Naphtha values softened slightly on the low side of the range, reflecting marginally lower crude numbers. September swaps were pegged at $673-675/tonne.

BENZENE: $925-950/tonne, up $5-15/tonne
August was valued slightly firmer this morning as a result of good buying interest and stronger crude and energy levels. September moved into contango at $925-960/tonne. August was said to have traded at $945/tonne, while deals for September were talked at $935-945/tonne, but further confirmation was pending.

STYRENE: $1,125-1,140/tonne, steady
The market was quiet this morning, and no firm bids or offers for cargo were seen. The range for August was unchanged.

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