NOON SNAPSHOT – Europe Markets Summary

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

CRUDE: June WTI: $96.01/bbl, down $1.07/bbl. June BRENT: $111.78/bbl, down 95 cents/bbl
Crude oil futures were trading below Thursday’s settlement, pressured by bearish news from China where industrial output and retail sales in April were both below forecast.

NAPHTHA: $895–903/tonne, down $2/tonne
The cargo range edged down from Thursday afternoon as the effects of lower crude oil prices overrode those of a stronger crack spread. June swaps were assessed at $902–904/tonne.

BENZENE: $1,230–1,245/tonne, down $10–15/tonne
May opened lower this morning as crude fell again overnight. June was backwardated at $1,220–1,230/tonne.

STYRENE: $1,480–1,490/tonne, up $10–20/tonne
Deals for May were reported for Thursday at $1,485/tonne and $1,490/tonne, while offers this morning were at $1,490/tonne but not met with any corresponding bids. June was valued at $1,450–1,465/tonne.