NOON SNAPSHOT – Europe Markets Summary

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

CRUDE: June WTI: $93.14/bbl, up 33 cents/bbl. July BRENT: $109.83/bbl, up 8 cents/bbl
The front-month July Brent contract was steady on Thursday, while the front-month June WTI contract was trading in positive territory, supported by the reversal of the Seaway pipeline.

NAPHTHA: $874–882/tonne, down $3/tonne
The cargo range edged down from Wednesday afternoon as the effects of lower crude oil prices overrode those of a stronger crack spread. June swaps were assessed at $877–880/tonne.

BENZENE: $1,190–1,200/tonne, down $5/tonne
The market was quiet this morning, owing to players attending the Asia Petrochemical Industry Conference (APIC) in Kuala Lumpur, as well as holidays across much of Europe. May was relatively steady this morning, while June was backwardated at $1,170–1,180/tonne.

STYRENE: $1,390–1,400/tonne, steady
May was steady this morning, with the market quiet as much of Europe is on holiday, although continued upstream bearishness kept players on the sidelines as well. June was valued at $1,380–1,400/tonne.