NOON SNAPSHOT – Europe Markets Summary

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

CRUDE: July WTI: $91.06/bbl, down 79 cents/bbl. July BRENT: $107.31/bbl, down $1.10/bbl
Crude oil futures weakened as the International Atomic Energy Agency expects to sign a deal with Iran over its nuclear programme which will allow external investigators back into the country.

NAPHTHA: $843-851/tonne, down $29/tonne
The cargo range declined on a weaker crack spread and softer crude oil values. June swaps were assessed at $844-846/tonne.

BENZENE: $1,280-1,320/tonne, up $20-30/tonne
May opened firmer following heavy trading on Tuesday at $1,280-1,320/tonne. June deals were also reported at $1,280/tonne while a deal for the first half of the month was done at $1,315/tonne, but the market opened lower on Wednesday as crude fell overnight with offers at $1,285/tonne.

STYRENE: $1,465-1,485/tonne, down $5/tonne on the sell side
June was offered slightly lower this morning at $1,485/tonne as crude and benzene opened lower. July was backwardated with offers at $1,435/tonne.