EVENING SNAPSHOT - Europe Markets Summary

20 May 2008 17:18  [Source: ICIS news]

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

CRUDE: June WTI: $129.08/bbl, up $2.02/bbl. July BRENT: $127.29/bbl, up $2.23/bbl

As the dollar dipped on the back of another set of bad US economic data, oil prices moved up sharply to break new record highs, with the NYMEX front-month contract leading the charge and threatening to break the $130/bbl mark.

NAPHTHA: Open spec spot cargoes were assessed in a range of $1,020-1,030/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $13.00/tonne on the buy-side of this afternoon’s range. June swaps were pegged at $1,029-1,030/tonne CIF NWE.

MTBE: During open market trading, methyl tertiary butyl ether business was at $1,172-1,182/tonne FOB (free on board) AR (Amsterdam, Rotterdam). Gasoline was quiet during open market trading and last reported at $1,064/tonne FOB AR. The blending factor was assessed at 1.08-1.09.

BENZENE: A May benzene deal was confirmed at $1,264/tonne CIF ARA from earlier in the day as bids and offers saw a little erosion. A May or June loading offer was heard at $1,268/tonne CIF ARA against buyers pegged at $1,260/tonne CIF ARA.

TOLUENE: A June toluene deal was reported at $1,100/tonne CIF Rotterdam, a new record high. Bid/offer indications were talked within a $1,110-1,130/tonne FOB Rotterdam range for April and May as crude oil found record new highs.

XYLENES: The market continued to be starved of concrete buying interest, with most players currently covered. Numbers were therefore stable at $1,300-1,320/tonne FOB Rotterdam.

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