NOON SNAPSHOT – Europe Markets Summary

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

CRUDE: June WTI: $96.93/bbl, down $1.01/bbl. June BRENT: $112.52/bbl, down 64 cents/bbl
Crude oil futures were trading in negative territory on Tuesday, pressured by mounting concerns over global economic recovery, high production from OPEC nations and political uncertainty in the eurozone.

NAPHTHA: $925–933/tonne, up $7/tonne
The cargo range climbed from Friday afternoon, driven by a stronger crack spread. June swaps were assessed at $918–922/tonne.

BENZENE: $1,245–1,275/tonne, up $5–25/tonne
May price ideas have so far remained resilient despite the continued weakness for crude this morning. June was backwardated at $1,235–1,265/tonne.

STYRENE: $1,490–1,510/tonne, down $25–30/tonne
May was weaker this morning amid wider economic uncertainty. June was valued at $1,470–1,490/tonne.