16 July 2013 17:10 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: August WTI: $106.10/bbl, down 22 cents/bbl. August BRENT: $109.00/bbl, down 9 cents/bbl
Earlier gains were wiped out on concerns over the state of the major global economies and a potential drop in energy demand.
NAPHTHA: $903-905/tonne, down $2/tonne
The cargo range was assessed down on slightly lower ICE Brent crude oil futures. There were no trades in the open market platform. August swaps were assessed at $889-891/tonne.
BENZENE: $1,220-1,235/tonne, down $20/tonne on the buy side
July bids edged up to $1,225/tonne before a deal was done at $1,233/tonne. There was also an unconfirmed deal done at $1,230/tonne. The range for July closed slightly lower, with offers coming down to $1,235/tonne. August moved into contango at $1,230-1,255/tonne and traded at $1,235/tonne. The range later closed at $1,220-1,240/tonne.
STYRENE: $1,760-1,795/tonne, down $5/tonne on the buy side
The market was quiet and offers for July came down slightly to $1,795/tonne, although there were no firm corresponding bids. August was backwardated at $1,720-1,750/tonne with some of the initial supply concerns for the front end of the month starting to ease with the scheduled arrival of imports.
TOLUENE: $1,070-1,100/tonne, steady
The spot market stayed firm despite some losses for crude oil futures, with European spot interest buoyed by the gasoline blending sector and upward movement in the US.
MTBE: $1,178-1,180/tonne, down $23-25/tonne
Prices edged down with three trades – two at $1,178/tonne FOB AR and one at $1,180/tonne FOB AR - during the open market session.
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