EVENING SNAPSHOT Europe Markets Summary

29 July 2013 17:33  [Source: ICIS news]

LONDON (ICIS) – Here is Monday’s end of day European oil and chemical market summary from ICIS.

CRUDE: September WTI: $104.76/bbl, up 6 cents/bbl. September BRENT: $107.55/bbl, up 38 cents/bbl
Crude futures edged higher late on Monday, finding support from news that Iraq’s annual oil exports are likely to have fallen for the first time in three years unless exports can be ramped up in the remainder of the year. Iraqi exports have been curtailed in recent months due to ongoing pipeline problems.

NAPHTHA: $874-876/tonne, down $4/tonne
The cargo range edged down from earlier in the day, as a result of a weaker crack spread. One trade was reported this afternoon. August swaps were assessed at $874-876/tonne.

BENZENE: $1,255-1,260/tonne, down $10/tonne on the sell side
Offers for August came down to $1,260/tonne in a subdued market following a brief upturn late last week. September was valued at $1,255-1,265/tonne.

STYRENE: $1,760-1,785/tonne, down $5/tonne on the sell side
The market was quiet and the August offer level edged down slightly. The second half of the month was also valued lower at $1,740-1,760/tonne, while September bids came down to $1,705/tonne before the market closed at $1,710-1,730/tonne.

TOLUENE: $1,080-1,110/tonne, steady
While gasoline prices have edged down and blending interest is waning, firm US pricing is keeping any downward movement limited on the sell side amid potential arbitrage opportunities from Europe to the US Gulf region.

MTBE: $1,150-1,155/tonne, stable
Prices have been assessed as stable, with no trades heard during the open market session. EuroBob gasoline traded at $998-1,006/tonne FOB ARA.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
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