30 April 2013 17:30 [Source: ICIS news]LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: June WTI: $93.47/bbl, down $1.03/bbl. June BRENT: $102.56/bbl, down $1.25/bbl
Crude oil futures weakened, pressured by the eurozone jobless rate which reached fresh record highs. Prices were also pressured by the Spanish economy, which weakened for the seventh consecutive quarter.
NAPHTHA: $805-808/tonne, down $11/tonne
The cargo range was assessed down on lower crude oil prices. There were no trades at today’s open market session. May swaps were assessed at $804-806/tonne.
BENZENE: $1,365-1,380/tonne, down $5/tonne
The range for May edged down slightly, although a premium for the first half of the month emerged, with a bid/offer range of $1,375-1,400/tonne seen. June was valued at $1,355-1,375/tonne.
STYRENE: $1,575-1,595/tonne, up $15/tonne
The market showed some signs of recovery this afternoon. Offers for May were at $1,595/tonne following a deal done at that level and bids also edged up. June traded at $1,600/tonne and $1,602/tonne.
TOLUENE: $1,120-1,170/tonne, steady
Offers held steady for May as upstream numbers recovered, although buyers remain unwilling to follow. The arbitrage window from Europe into the US remains closed at these levels, effectively keeping demand for spot parcels limited. There is also expectation across the wider aromatics sector that demand will see an upturn next month, with key end-use markets such as construction and food packaging entering a seasonally strong period.
MTBE: $1,064-1,074/tonne, steady
No trades were seen during the open market session, the range has been assessed steady as a result.
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