EVENING SNAPSHOT – Europe Markets Summary

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

CRUDE: June WTI: $92.08/bbl, up 60 cents/bbl. July BRENT: $108.28/bbl, up $1.14/bbl
Crude oil futures extended gains, supported by comments made by China’s Premier Wen Jiabao that the country will employ greater efforts to stimulate economic growth. However, continued concerns over a possible Greek exit from the eurozone capped potential gains. 

NAPHTHA: $852-860/tonne, down $1/tonne
The cargo range edged down as the crack spread weakened further throughout the day. One trade took place this afternoon. June swaps were assessed at $853-855/tonne.

BENZENE: $1,210-1,250/tonne, up $40-60/tonne
The market gradually clawed back some of the ground lost last week as crude rebounded. June bids were at $1,215/tonne.

STYRENE: $1,420-1,440/tonne, up $30-40/tonne
May values were firmer on a benzene recovery. There was an unconfirmed May deal at $1,420/tonne while June traded at $1,425/tonne.

TOLUENE: $1,190-1,210/tonne, steady
The market was quiet and the range unchanged.

MTBE: $1,154-1,156/tonne, up by $8-10/tonne
Prices firmed slightly with two trades as gasoline values also increased. EuroBob gasoline traded at $1,006-1,011/tonne, putting the MTBE factor against cash barges at 1.14-1.15.