25 June 2013 17:24 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: August WTI: $95.90/bbl, up 72 cents/bbl. August BRENT: $101.83/bbl, up 67 cents/bbl
Crude futures remained in positive territory, finding some reassurance from China that its recent interbank loan rate volatility was temporary. Adding to the bullish sentiment, the US consumer index reached a five-year high.
NAPHTHA: $826-828/tonne, down $4/tonne
The cargo range edged down from earlier in the day. There was one trade in the open market platform today. July swaps were assessed at $825-827/tonne.
BENZENE: $1,290-1,300/tonne, narrowing
June narrowed to close just below $1,300/tonne, although attention was focused on the forward month. July offers came down to $1,290/tonne this afternoon.
STYRENE: $1,680-1,705/tonne, down $15-20/tonne
The market edged down further alongside bearish benzene sentiment ahead of the July contract later this week and limited buying interest from industry players. The second half of July was still backwardated at $1,660-1,690/tonne. August was valued at $1,655-1,680/tonne.
TOLUENE: $1,080-1,120/tonne, steady
June spot activity remains subdued. There was talk of business done at $1,095/tonne, but this was not confirmed. Downstream sentiment is increasingly bearish amid slow demand.
MTBE: $1,078-1,083/tonne, up $6-11/tonne
MTBE traded several times in the range $1,078-1,083/tonne. EuroBob gasoline traded at $929-931/tonne FOB ARA.
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