22 May 2013 17:20 [Source: ICIS news]
LONDON (ICIS)--Here is Wednesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: July WTI: $95.10/bbl, down $1.08/bbl. July BRENT: $103.35/bbl, down 56 cents/bbl
Crude oil futures extended losses on Wednesday pressured by rising gasoline stocks in the US and concerns over the health of the US economy after Federal Reserve chairman, Ben Bernanke, said it will maintain its loose monetary policy.
NAPHTHA: $839-841/tonne, down $1/tonne on the high side
Three deals took place around the same level as the morning’s notional assessment. June swaps were assessed at $835-836/tonne.
BENZENE: $1,380-1,400/tonne, narrowing
May bids and offers narrowed, while June was valued at $1,375-1,395/tonne. The market was relatively static amid downstream production problems and a lack of clear direction ahead of June.
STYRENE: $1,690-1,700/tonne, down $10/tonne on the sell side
The market eased back slightly this afternoon, with bids for May and June moving down as low as $1,680/tonne before recovering slightly. June traded at $1,700/tonne, and offers came down to $1,695/tonne before a deal was later done at $1,685/tonne.
TOLUENE: $1,140-1,185/tonne, steady
The spot market was quiet and the range was steady amid expectation across the wider aromatics sector that demand will see an upturn ahead of the summer as key end-use markets such as construction and food packaging enter a seasonally strong period.
MTBE: $1,083/tonne, steady
No trades were heard in the open market, only an offer higher than the previous trade. The range has been assessed steady as a result.
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