01 August 2013 17:15 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s end of day European oil and chemical market summary from ICIS.
CRUDE: September WTI: $107.49/bbl, up $2.46/bbl. September BRENT: $109.04/bbl, up $1.34/bbl
Crude futures extended gains, supported by official positive PMI data from China, which further fuelled bullish sentiment from forecast-beating second quarter GDP result in the US.
NAPHTHA: $887-889/tonne, up $4/tonne
The cargo range traded up. There was one trade in the open market platform today. September swaps were assessed at $885-887/tonne.
BENZENE: $1,250-1,270/tonne, up $10/tonne
August edged up alongside crude futures, but activity remained quiet. September was valued at $1,255-1,275/tonne. The European August benzene contract has been confirmed at €946/tonne FOB NWE, down €32/tonne from the previous month. The contract was agreed at a US dollar concept of $1,257/tonne.
STYRENE: $1,750-1,780/tonne, steady
There was still some upward pressure on the market amid ongoing supply concerns. September traded at $1,750/tonne, and there was talk of an August deal at $1,770/tonne but this was so far unconfirmed. The European August styrene barge contract has been settled this afternoon at €1,457/tonne FOB ARA, an increase of €47tonne from the previous month.
TOLUENE: $1,080-1,110/tonne, steady
While gasoline prices have remained below $1,000/tonne FOB AR this week 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. Initial August contracts have been settled at $1,110/tonne FOB NWE, up $62.50-67.50/tonne from last month’s range.
MTBE: $1,173/tonne, up $29/tonne
Prices made significant gains, in line with higher gasoline numbers. EuroBob gasoline traded at $1,004-1,018/tonne, up $21-23/tonne, putting the MTBE factor against cash barges at 1.15-1.17.
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