EVENING SNAPSHOT Europe Markets Summary

02 September 2013 17:28  [Source: ICIS news]

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

CRUDE: October WTI: $106.57/bbl, down $1.08/bbl. October BRENT: $113.86/bbl, down 15 cents/bbl
Crude oil futures weakened on receding concerns over Middle East supply disruptions as US congressional authorisation for military action in Syria is expected to be delayed until Washington's summer recess ends on 9 September.

NAPHTHA: $955-957/tonne, up $15-17/tonne
The cargo range edged up from earlier in the day. There were six trades in the open market platform today. October swaps were assessed at $937-939/tonne.

BENZENE: $1,295-1,305/tonne, up $5-15/tonne
The market saw continued upward movement this afternoon. October was in contango at $1,305-1,315/tonne.

STYRENE: $1,900-1,980/tonne, down $20/tonne on the sell side
September traded twice at $1,940/tonne this afternoon amid ongoing tightness, although some players saw bids starting to move down. Offers remained bullish, however, and October also firmed to $1,805-1,815/tonne. An initial European September styrene barge contract has been agreed today between one buyer and one seller at €1,552/tonne FOB ARA, although it was so far unclear whether the settlement at €1,552/tonne would receive further support from players.

TOLUENE: $1,130-1,150/tonne, up $10/tonne
The September spot range edged up on continued bullishness in the US. Initial European September toluene contracts have been agreed at $1,140/tonne and $1,145/tonne, up $30/tonne from the previous month. While traders have been actively looking to ship material from Europe to the region, export opportunities have been tempered by balanced availability outside of contractual volumes.

MTBE: $1,250/tonne, down $2/tonne
No trades were heard during the open window session, but the range has been assessed down on a lower offer. Eurobob gasoline traded at $1,039-1,040/tonne FOB AR.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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