EVENING SNAPSHOT - Europe Markets Summary

09 June 2008 17:00  [Source: ICIS news]

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

CRUDE: July WTI: $135.93/bbl, down $2.61/bbl. July BRENT: $135.08/bbl, down $2.61/bbl

Oil prices continued to show losses of more than $2/bbl during the afternoon session as market players were taking in profits after the surge on Friday. Meanwhile, the US dollar gaining was partly contributing to this slight downturn.

NAPHTHA: Open spec spot cargoes were assessed in a range of $1,082-1,085/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $1.00/tonne on the buy-side of Friday’s closing range. July swaps were pegged at $1,076-1,077/tonne CIF NWE.

MTBE: During the open market trading session, bids and offers began in a range $1,270-1,295/tonne FOB (free on board)AR (Amsterdam, Rotterdam). Two trades were subsequently struck. Both were at $1,274 FOB AR, seeing Nobel sell 1,000 tonnes to Morgan Stanley and Lyondell.

Gasoline was only traded once during the open market trading session at $1,148/tonne FOB AR.

BENZENE: Price ideas from buyers dropped back to $1,280/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) following a brief rally on Monday morning. Offers also slipped $20-30/tonne to $1,300/tonne.

TOLUENE: The last price indications reported had bids and offers up $5-10/tonne, with buyers at $1,180/tonne FOB Rotterdam and sellers at $1,200/tonne.

XYLENES: Buying interest for paraxylene emerged on Monday at $1,480/tonne, up from Friday’s close at $1,440/tonne. Offers were contract-related, with no precise figures reported.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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