08 July 2013 16:54 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS.
CRUDE: August WTI: $103.01/bbl, down 21 cents/bbl. August BRENT: $107.42/bbl, down 30 cents/bbl
Crude futures remained in negative territory, pressured by weaker-than-expected German exports during May. According to the Federal Statistics Office, German exports were down by 2.40% in May, far more than the forecast of 0.40% decline.
NAPHTHA: $876-878/tonne, up $9-10/tonne
The cargo range climbed, driven by higher crude oil prices and a firmer crack spread. August swaps were assessed at $869-871/tonne.
BENZENE: $1,255-1,275/tonne, up $5/tonne on the sell side
July offers edged up slightly in a quiet market, while August was valued at $1,250-1,270/tonne.
STYRENE: $1,725-1,770/tonne, down $25/tonne on the buy side
There was talk of a July deal at $1,770/tonne FOB, but this was so far unconfirmed on the buy side. Price ideas are easing for the second half of the month, with bids as low as $1,725/tonne. August was backwardated at $1,695-1,720/tonne.
TOLUENE: $1,040-1,060/tonne, steady
The market was quiet and the spot range unchanged. Prompt material is tight as producers are preferring to sell into the gasoline market, where blending values are favourable.
MTBE: $1,123-1,125/tonne, up $4-6/tonne
Prices edged up with two trades during the open market session. EuroBob gasoline traded at $977-988/tonne FOB ARA.
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