EVENING SNAPSHOT Europe Markets Summary
22 July 2013 17:15 [Source: ICIS news]
LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS
.CRUDE: August WTI: $107.40/bbl, down 65 cents/bbl. September BRENT: $107.65/bbl, down 42 cents/bbl
Crude futures weakened substantially on news that China, the world’s second largest consumer of crude oil reduced imports during the first quarter of the year. Adding to the bearish sentiment, China’s economy has slowed since the first quarter, raising concerns over its oil demand for the rest of the year.
NAPHTHA: $882-884/tonne, down $8/tonne
The cargo range was assessed down as a result of lower crude oil prices and a softer crack spread. No trades were reported in the open market platform. August swaps were assessed at $874-876/tonne.
BENZENE: $1,240-1,260/tonne, up $5/tonne on the buy side
Bids for July and August crept up slightly. August was valued at $1,250-1,270/tonne.
STYRENE: $1,785-1,810/tonne, steady
Offers for August edged up to $1,800/tonne, but July buy/sell interest was muted.
TOLUENE: $1,090-1,105/tonne, steady
Continued bullishness on gasoline helped keep spot numbers firm, although downstream and distribution players noted that demand among chemical users was still weak.
MTBE: $1,171-1,172/tonne, down $23-24/tonne
Two deals took place, bringing the price range down from Friday’s level. Eurobob gasoline did not trade.
For more pricing intelligence visit ICIS pricing By: Staff Reporter+44 20 8652 3214
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