NOON SNAPSHOT - Europe Markets Summary

12 May 2008 12:00  [Source: ICIS news]

LONDON (ICIS news)--Here is Monday’s midday European oil and chemical market summary from ICIS pricing.

CRUDE: June WTI: $125.32bbl, down $0.64/bbl. June BRENT: $124.95/bbl, down $0.45/bbl

Having moved close to its record high values during the early hours, both Brent and WTI lost ground today as the market thought values had increased too much and too fast. Some reports claim that a correction would take place shortly on profit-taking.

NAPHTHA: Open spec spot cargoes were assessed in a range of $965-969/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $10/tonne on the buy-side of Friday’s closing range. May swaps were pegged at $669-970/tonne CIF NWE.

BENZENE: A firm benzene offer for May or June loading material was heard at $1,280/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) in Europe against bids pegged at $1,260/tonne CIF ARA with no business yet heard.

STYRENE: Spot styrene indications were talked stable in Europe, at $1,535-1,550/tonne FOB (free on board) Rotterdam for May, with players awaiting a firm bid or offer for direction.

MTBE: Blending factor bids and offers for the balance of May were reported at 1.06-1.07 early on.  Methyl tertiary butyl ether (MTBE) bid and offer indications were assessed at $1,110-1,120/tonne. Gasoline traded at a record high of $1,047/tonne FOB AR.

XYLENES: With a number of contract settlers absent for public holidays in Europe, it was not yet clear whether players had followed a purported May settlement at €858/tonne FD (free delivered) NWE (northwest Europe). The spot market was also thinly participated, with Friday’s closing indications of $1,240-1,300/tonne FOB Rotterdam still held to be accurate.

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