EVENING SNAPSHOT – Europe Markets Summary

31 May 2013 17:06  [Source: ICIS news]

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

CRUDE: July WTI: $92.48/bbl, down $1.13/bbl. July BRENT: $100.88/bbl, down $1.31/bbl
Crude futures weakened on Friday pressured by data which showed eurozone unemployment had risen to a record high in April. Prices were also pressured by OPEC, which will maintain its production quota for the rest of the year despite falling demand and rising US production.

NAPHTHA: $827-831/tonne, down $2/tonne on the low end, down $5/tonne on the high end
The cargo range traded down from earlier in the day. June swaps were assessed at $824-826/tonne.

BENZENE: $1,340-1,355/tonne, steady
June traded at $1,345/tonne this afternoon. July remained backwardated at $1,335-1,350/tonne.

STYRENE: $1,655-1,675/tonne, steady
June traded this afternoon at $1,665/tonne and $1,670/tonne, within the current range.

TOLUENE: $1,140-1,170/tonne, steady
The market was quiet and the spot range for June was steady. Contract negotiations are underway and settlements are expected by early next week.

MTBE: $1,097-1,100/tonne, down $4-5/tonne
Prices edged down on two trades in the open market session. EuroBob gasoline traded at $953-958/tonne FOB ARA.

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By: Staff Reporter
+44 20 8652 3214

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