NOON SNAPSHOT - Europe Markets Summary

19 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: $125.92/bbl, down $0.87/bbl. July BRENT: $124.12/bbl, down $0.87/bbl

Crude oil prices lost a little ground on Monday, however it remained close to record high levels set on Friday. Prices were supported by the worldwide shortage of diesel and the expectation that China will import more oil ahead of the 2008 Olympics.

NAPHTHA: Open-spec spot cargoes were assessed in a $988-990/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $8/tonne on the buy side of Friday’s closing range. June swaps were pegged at $990-991/tonne CIF NWE.

BENZENE: Bid/offer indications for May and June loading benzene were talked stable in early trading, at $1,265-1,275/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), in a thinly participated market.

STYRENE: Bid/offer indications for May and June loading styrene were notionally talked at $1,530-1,550/tonne FOB (free on board) Rotterdam in a thinly participated market.

MTBE: The May gasoline blending factor bid and offer range was at 1.07-1.08 in the morning. For June it was seen at 1.065-1.075. Gasoline traded at $1,058-1,063/tonne FOB AR. Outright methyl tertiary butyl ether (MTBE) bids and offers were notionally calculated at $1,120-1,130/tonne FOB AR

XYLENES: The spot market remained lacklustre, with producers reporting a lack of buying interest. Selling ideas were pegged at the June contract price. In the contract market, disgruntlement over the €858/tonne FD NWE price for being too low was heard.

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