EVENING SNAPSHOT – Europe Markets Summary

21 June 2012 17:20  [Source: ICIS news]

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

CRUDE: August WTI: $79.30/bbl, down $2.15/bbl. August BRENT: $90.45/bbl, down $2.24/bbl
Crude prices continued their sharp decline to take them to the lowest levels since late 2010 as technical sell stops were triggered by disappointing economic data from the supposed power house economies of China and the US.

NAPHTHA: $689-697/tonne, steady
The cargo range held steady from earlier in the day as the effects of lower crude oil prices were balanced by a stronger crack spread. July swaps were assessed at $691-693/tonne.

BENZENE: $1,235-1,250/tonne, up $15-20/tonne
The European benzene spot market remains an enigma. Even with crude falling, benzene spot was bid higher at $1,235/tonne, but this was not met with any offers. First half July benzene was bid at $1,160/tonne with any July in a $1,135-1,145/tonne price range.

STYRENE: $1,285-1,310/tonne, up $10/tonne
Europe June styrene traded at $1,280/tonne FOB Rotterdam. The range for June was a touch firmer at $1,285-1,310/tonne. July was $10/tonne in contango.

TOLUENE: $1,140-1,190/tonne, steady.
No bids or offers were recorded and the range remains steady.

MTBE: $1,085-1,087/tonne, down $1/tonne on the low side.
Three deals were done at much the same level as the previous price range. EuroBob gasoline did not trade. Based on Wednesday’s price of $922/tonne, the MTBE factor against gasoline is 1.18.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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