28 May 2013 17:09 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: July WTI: $95.36/bbl, up $1.21/bbl. July BRENT: $104.21/bbl, up $1.59/bbl
Crude futures extended gains on Tuesday finding support from surging stock markets around the globe which in turn are being supported by ongoing monetary easing.
NAPHTHA: $855-856/tonne, up $4/tonne on the low end, up $3/tonne on the high end
The cargo range traded up from earlier in the day. May swaps were assessed at $850-852/tonne.
BENZENE: $1,355-1,375/tonne, up $20-25/tonne
The market was firmer this afternoon, with crude and naphtha gains supporting the upturn. May bids were at $1,355/tonne while June was valued at $1,350-1,365/tonne. There was a range of $1,355-1,375/tonne heard for the first half of June amid prompt supply concerns, with several cracker turnarounds on the horizon and derivative units coming back online.
STYRENE: $1,685-1,700/tonne, up $5-10/tonne
Bids for June went as high as $1,685/tonne and $1,690/tonne this afternoon before a deal was done at $1,690/tonne. July deals were done at $1,675/tonne and $1,680/tonne.
TOLUENE: $1,140-1,170/tonne, steady
June contract talks are expected to get underway later this week. The market was quiet and the spot range was steady.
MTBE: $1,093-1,103/tonne, up $19/tonne
No trades were heard but prices have edged up on a firmer bid in the open market. EuroBob gasoline traded at $971/tonne FOB ARA.
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