LONDON (ICIS)---Here is Friday’s end of day European oil and chemical market summary from ICIS.
CRUDE: October WTI: $93.19/bbl, down 77 cents/bbl. October BRENT: $102.31/bbl, down 32 cents/bbl
Crude futures weakened on Friday pressured by rising Libyan exports which has increased to more than 600,000 bbl/day, according to Libya’s National Oil Corportaion. Prices were also pressured by the fragile global economy.
NAPHTHA: $860-862/tonne, down $2/tonne
Cargo prices were assessed marginally lower on weaker crude prices. September swaps were assessed at $864-866/tonne.
BENZENE: $1,390-1,400/tonne, up $20/tonne on the buy side
August traded twice at $1,395/tonne this afternoon and the bid level moved up to reflect this. September was slightly backwardated at $1,380-1,390/tonne.
STYRENE: $1,565-1,585/tonne, up $10/tonne on the sell side
August offers edged up to $1,585/tonne this afternoon in a quiet market. September closed flat with August. There was talk of a September deal this afternoon at $1,570/tonne, but this was not confirmed by both parties involved.
TOLUENE: $1,060-1,090/tonne, steady
The spot market was quiet and the bid/offer range was unchanged. Healthy domestic availability, weaker US pricing and static domestic benzene values are keeping downward pressure on Europe ahead of September.
MTBE: $1,130/tonne, up $43/tonne
Prices increased with one deal heard during open market trading. The MTBE factor over Eurobob gasoline cash barges was assessed at 1.18-1.20
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