EVENING SNAPSHOT - Europe Markets Summary

21 May 2008 17:17  [Source: ICIS news]

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

 

CRUDE: July WTI: $131.45/bbl, up $2.47/bbl. July BRENT: $130.76/bbl, up/down $2.92/bbl

 

The markets broke new records after the US weekly statistics, which came out earlier in the afternoon, showed a surprise drop in oil and gasoline stocks. The Brent front-month contract was the stronger market, registering gains as high as $3.70/bbl compared to the close on Tuesday.

 

NAPHTHA: Open spec spot cargoes were assessed in a $1,024-1,028/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $10.00/tonne on the buy side of this afternoon’s range. June swaps were pegged at $1054-1055/tonne CIF NWE.

 

MTBE: During open market trading, there were no methyl tertiary butyl ether (MTBE) trades. Bids and offers were in the range $1,170-1,213/tonne FOB (free on board) AR (Amsterdam, Rotterdam). Gasoline traded at a record high of $1,104/tonne FOB AR in the late afternoon. The blending factor was assessed at 1.07-1.08.

 

BENZENE: A June benzene deal was confirmed at $1,300/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp), up $20/tonne on an earlier record high as styrene traded higher and crude pushed up towards $131/bbl.  Bid/offer indications were heard at $1,290-1,300/tonne FOB Rotterdam for May and June.

 

TOLUENE: A firm offer for June loading toluene was heard at $1,160/tonne FOB Rotterdam against notional bids at a static $1,130/tonne FOB Rotterdam as gasoline traded above $1,100/tonne FOB AR.

 

XYLENES: There continued to be some confusion surrounding the May contract settlement at €858/tonne FD (free delivered) NWE, with a few players expressing unease at following. In the spot market, bids and offers continued to be pegged at $1,305-1,320/tonne FOB Rotterdam.

 

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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