ICIS-LOR Daily Market Talk - Europe

02 June 2005 18:11  [Source: ICIS news]

EUROPE

 

CRUDE: Brent – July: $52.96/bbl, down $0.31. WTI – July: $54.00/bbl, down $0.60

 

Crude prices were having a very mixed reaction on Thursday to the US stock figures. Initially they fell on the back of the crude build, but then gained over a dollar on the back of a strong heating oil market, only to give back all of the gains and more.

 

NAPHTHA: Open spec cargoes were assessed at $420-430/tonne, CIF Northwest Europe (NWE), with June swaps at $433-434/tonne CIF NWE. The market remained defined by abundant supplies and a dearth of arbitrage opportunities; traders said the Asian arb may not open until mid-summer.

 

MTBE: Price ideas were quoted in the morning at $650-675/tonne FOB Amsterdam/Rotterdam (AR) and aside from the bid firming $5/tonne, no other change was reported to fixed prices. Factors were on offer for July at 1.32.

 

BENZENE: Spot prices in Europe rose $55-60/tonne on the day with business heard at $715/tonne CIF ARA for June.

 

TOLUENE: Contracted business was reported at the same level as spot with 2,000 tonne sold at $555/tonne FOB Rotterdam.

                                                                                               

XYLENES: Paraxylene (PX) spot prices were reported at over $700/tonne FOB Rotterdam, but most of the market's attention was focussed on contract settlements. The first agreement was made at Euro660/tonne free delivered Northwest Europe, down Euro14/tonne.

 

Produced by ICIS-LOR daily editorial department: market.talk@icislor.com

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