23 July 2013 17:06 [Source: ICIS news]
LONDON (ICIS)--Here is Tuesday’s end of day European oil and chemical market summary from ICIS.
CRUDE: September WTI: $106.73/bbl, down 21 cents/bbl. September BRENT: $108.48/bbl, up 33 cents/bbl
Brent crude oil futures gained finding support from China where the government signaled that it would support markets to maintain GDP growth above 7%.
NAPHTHA: $885-887/tonne, up $4/tonne.
The cargo range was assessed up from earlier in the day on higher ICE Brent crude oil futures. There were no trades in the open market platform today. August swaps were assessed at $877-879/tonne.
BENZENE: $1,235-1,250/tonne, down $5-10/tonne
July lost ground during the day amid bearish fundamentals and weakness in the US market. August remained in contango at $1,245-1,255/tonne.
STYRENE: $1,780-1,800/tonne, down $10/tonne on the sell side
July was quiet and the offer level edged down. August narrowed to $1,770-1,780/tonne, and there was talk of a deal done at $1,780/tonne but this was unconfirmed.
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. There was also talk of arbitrage opportunities to the US, where prices were firmer on strong polyurethane demand and higher crude futures this month.
MTBE: $1,153/tonne, down $18-19/tonne
Two deals took place during the open market session, declining from the previous day’s range. EuroBob gasoline traded at $1,004-1,010/tonne FOB ARA.
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