EVENING SNAPSHOT - Europe Markets Summary

16 May 2008 17:00  [Source: ICIS news]

LONDON (ICIS news)--Here is Friday's end-of-day European oil and chemical market summary from ICIS pricing.

CRUDE: June WTI: $126.85/bbl, up $2.73/bbl. July BRENT: $125.37/bbl, up $2.74/bbl

Prices went up by more than $3/bbl at one point during the afternoon, resulting in new record highs on both the NYMEX and Brent front-month contracts. A weak US dollar and strong demand for distillates due to a global shortage of diesel fuel were the main reasons for this latest spike.

NAPHTHA: Open spec spot cargoes were assessed in a range of $996-998/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $14.00/tonne on the buy-side of this afternoon’s range. June swaps were pegged at $997-998/tonne CIF NWE.

MTBE: During open market trading, one trade was heard. Neste sold a 1,000 tonne barge to Morgan Stanley at $1,155/tonne FOB (free on board) AR (Amsterdam, Rotterdam). Gasoline was traded in the range $1,046-1,048/tonne FOB AR throughout the day.

BENZENE: Bids and offers for May loading material were heard within a $1,260-1,270/tonne CIF ARA with June valued $5/tonne higher at $1,265-1,275/tonne CIF ARA. Crude oil and renewed buyer interest were held to account.

TOLUENE: Bids and offers for toluene were heard at $1,100-1,120/tonne FOB Rotterdam for May in Europe, with a blender buyer expressing strong interest. No deals were heard, however.

XYLENES: The spot market remained lacklustre at the close of business on Friday, with no buying interest seen. Numbers continued to be notionally pegged at $1,290-1,300/tonne FOB Rotterdam.

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