EVENING SNAPSHOT – Europe Markets Summary

25 June 2012 17:01  [Source: ICIS news]

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

CRUDE: August WTI: $78.45/bbl, down $1.31/bbl. August BRENT: $89.95/bbl, down $1.03/bbl
Crude oil futures extended losses, pressured by weaker stock markets around the world and higher bond yields for Spain and Italy. Prices were also pressured by expectations that some Spanish banks will be downgraded by credit ratings agencies.

NAPHTHA: $689-697/tonne, down $7/tonne
The cargo range slipped on the back of lower crude oil prices. Three trades took place this afternoon. July swaps were assessed at $690-692/tonne.

BENZENE: $1,130-1,200/tonne, down $20-50/tonne
European benzene traded for the first half of July at $1,190/tonne. Any July was valued in a $1,130-1,155/tonne range, while first half July was at $1,180-1,200/tonne. August remained heavily backwardated.

STYRENE: $1,280-1,315/tonne, range narrows
The July spot range narrowed with August at $1,260-1,300/tonne. Traders said the market was quiet and no public deals were concluded.

TOLUENE: $1,160-1,180/tonne, steady
The spot market was void of any buying or selling interest.

MTBE: $1,093-1,107/tonne, up $2-23/tonne
No deals were done and the range has been increased based on bids and offers. EuroBob gasoline did not trade.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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