EVENING SNAPSHOT Europe Markets Summary

09 June 2014 17:31 Source:ICIS News

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

CRUDE: July WTI: $104.19/bbl, up $1.53/bbl. July BRENT: $110.05/bbl, up $1.44/bbl
Crude futures gained amid strong economic data from the world’s two largest economies, China and the US. China’s exports increased in May and beat forecasts while the US labour market continued to improve.

NAPHTHA: $942-944/tonne, up $11-13/tonne
The cargo range traded up from earlier in the day. There was one trade in the open market platform. July swaps were assessed at $932-934/tonne.

BENZENE:  $1,315-1,330/tonne, up $5-10/tonne
Bids and offers for June edged up in a thin market as prices in both Asia and the US showed signs of recovery. July was slightly backwardated at $1,310-1,325/tonne.

STYRENE: $1,605-1,630/tonne, widening
Activity was limited owing to a public holiday across much of Europe, and the bid/offer range for June widened with supply concerns owing to the explosion at Shell’s Moerdijk site last week, counteracted by limited appetite among buyers for higher numbers. July was in contango at $1,610-1,635/tonne.

TOLUENE: $1,105-1,120/tonne, steady
The spot market was quiet with no firm bids or offers seen. The range for June was unchanged.

MTBE: $1,107-1,108/tonne, steady
Prices have been assessed stable with no trades heard during the open market session.

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By Staff Reporter