14 June 2013 17:13 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s end of day European oil and chemical market summary from ICIS.
CRUDE: July WTI: $97.92/bbl, up $1.23/bbl. August BRENT: $106.36/bbl, up $1.41/bbl
Crude futures extended gains after the US Department of Labor released a report indicating that inflation levels in the US remain low, despite a small increase in May. Low inflation will allow the US Federal Reserve to continue its asset purchase programme.
NAPHTHA: $865-868/tonne, up $7/tonne
The cargo range traded up and July swaps were assessed at $859-860/tonne.
BENZENE: $1,350-1,370/tonne, up $10/tonne
The market continued on an upward path amid talk of a delayed cracker restart. June traded at $1,360/tonne. A range for the first half of July was at $1,340-1,360/tonne, while the rest of the month was $10/tonne lower still.
STYRENE: $1,705-1,725/tonne, up $15/tonne on the buy side
June narrowed to $1,700-1,715/tonne as the day progressed, and there was talk of a deal done within this range before the market moved up again following a deal at $1,720/tonne. July bids edged up to $1,690/tonne then later to $1,695/tonne while offers were steady at $1,715/tonne.
TOLUENE: $1,080-1,120/tonne, steady
June spot activity remains subdued. In the absence of any firm bids, it remains difficult to gauge where business might be done this week. There were some offers by some players just below contract price levels for June while others valued the market closer to $1,100/tonne.
MTBE: $1,095-1,100/tonne, steady
Prices have been assessed stable, with no trades during open market trading. EuroBob gasoline traded at $974-983/tonne FOB ARA.
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