LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS.
CRUDE: September WTI: $96.06/bbl, down $1.29/bbl. October BRENT: $101.53/bbl, down $2.00/bbl
Crude futures extended losses late on Monday pressured by rising production from Libya after output increased from the Es Sharara and El Feel oil fields. Prices were also pressured by ongoing oversupply of crude.
NAPHTHA: $841-843/tonne, down $8-10/tonne
Naphtha cargo prices decreased with two deals taking place in the range above. September swaps increased, however, on a firmer crack spread. Swaps were assessed at $860-861/tonne, up $6-7/tonne.
BENZENE: $1,400-1,430/tonne, down $30-40/tonne
August bids and offers moved lower following a spike late last week amid some short covering and upward movement in the US. September was valued at $1,375-1,390/tonne while the first half of the month was talked higher at $1,385-1,400/tonne, an indication that the market was facing continued pressure on prompt material.
STYRENE: $1,590-1,605/tonne, down $5/tonne on the sell side
August offers came down to $1,605/tonne and a deal was done at $1,595/tonne. September was valued at $1,590-1,610/tonne.
TOLUENE: $1,060-1,100/tonne, steady
The spot market was quiet and the bid/offer range for August material was unchanged. Sentiment for August remains weak, with healthy domestic availability and no arbitrage opportunities into other regions therefore keeping demand for spot cargo limited.
MTBE: $1,079/tonne, steady
There were no trades heard during open market trading and the range is assessed stable as a result.
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