NOON SNAPSHOT – Europe Markets Summary

28 June 2012 12:00  [Source: ICIS news]

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

CRUDE: August WTI: $79.90/bbl, down 31 cents/bbl. August BRENT: $92.71/bbl, down 79 cents/bbl
Crude oil futures weakened on Thursday falling more than $1.00/bbl earlier in the morning on the back of the deepening eurozone debt crisis. Investors are keeping an eye on an Italian bond auction on Thursday which is likely to show yields above 6%.

NAPHTHA: $735-743/tonne, up $14/tonne
The cargo range climbed from Wednesday afternoon, driven by a firmer crack spread. July swaps were assessed at $739-740/tonne.

BENZENE: $1,175-1,230, down $10-20/tonne
European spot benzene traded for any July delivery in a $1,175-1,180/tonne CIF ARA price range. Front-month July continued to be valued higher at $1,205-1,230/tonne, while August remained heavily backwardated at $1,070-1,080/tonne.

STYRENE: $1,290-1,310/tonne, down $10-15/tonne
Europe styrene spot prices eased for July. Many traders were simply watching and waiting for the outcome of the benzene contract price for July, hence trading activity was very thin. The July contract price for feedstock ethylene dropped by €170/tonne from the previous month.

For more pricing intelligence please visit ICIS pricing



By: Staff Reporter
+44 20 8652 3214



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