NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: June WTI: $127.23/bbl, up $0.18/bbl. July BRENT: $125.02/bbl, down $0.04/bbl

Crude oil values were largely steady, underpinned by strong demand and a worldwide shortage of diesel material. The rise in product prices also provided support as recovery of refining margins led to stronger demand for crude.

NAPHTHA: Open-spec spot cargoes were assessed in a $1,007-1,009/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $11/tonne on the buy side of Monday’s closing range. June swaps were pegged at $1,004-1,005/tonne CIF NWE.

BENZENE: The bids and offers spread for May business was talked wider in early morning trading, in a range of $1,260-1,270/tonne CIF (cost, insurance, freight) ARA (Amsterdam, Rotterdam, Antwerp). Offers for June were heard slightly firmer at $1,275/tonne CIF ARA.

STYRENE: Styrene held steady, with buying and selling indications continuing to be pegged at $1,540-1,550/tonne FOB (free on board) Rotterdam for both May and June.

MTBE: The May blending factor bid and offer range was at 1.075 in the morning. Gasoline traded at $1,062-1,065/tonne FOB AR. Outright methyl tertiary butyl ether (MTBE) bids and offers were seen at $ 1,140-1,160/tonne FOB AR by market players. 

XYLENES: Little was heard in the way of business, but buying and selling ideas were assessed higher at $1,300-1,320/tonne FOB Rotterdam in line with market sentiment.

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