EVENING SNAPSHOT – Europe Markets Summary

10 May 2013 17:44  [Source: ICIS news]

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

CRUDE: June WTI: $93.92/bbl, down $2.47/bbl. June BRENT: $102.13/bbl, down $2.34/bbl
Crude oil futures extended losses, pressured by rising crude and petroleum products supply in the US and Europe. Prices were also pressured by concerns over China’s slowing economy which prompted OPEC to cut China’s economic growth forecast for 2013.

NAPHTHA: $826-828/tonne, down $15/tonne on the low end, down $14/tonne on the high end
The cargo range edged down. There was one trade in today’s open market session. May swaps were assessed at $819-821/tonne.

BENZENE: $1,375-1,390/tonne, stable
May bids and offers were range-bound in the afternoon amid a quiet market. June was also stable, with bids and offers below May at $1,360-1,380/tonne. The market was quiet because of the extended holiday period across Europe and the 2013 APIC conference in Taipei, Taiwan this week.

STYRENE: $1,625-1,640tonne, up $10-20/tonne
There was a flurry of activity this afternoon with several May deals done at $1,625-1,640/tonne FOB R'dam. The deals were done by different sellers but a single buyer. June  bids and offers were at at $1,620-1,650/tonne. A buyer said it had bought a cargo for June at $1,620/tonne.

TOLUENE: $1,150-1,170/tonne, stable
Toluene remained range-bound throughout the day amid low activity. This was the result of the extended holiday period across Europe and the 2013 APIC conference in Taiwan.

MTBE: $1,050-1,070/tonne, up $10-30/tonne
There were no trades during the open market window. The range has been edged up notionally based on a factor value of 1.12-1.14, following participant feedback.

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By: Staff Reporter
+44 20 8652 3214

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