NOON SNAPSHOT - Europe Markets Summary

06 August 2008 12:00  [Source: ICIS news]

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

 

CRUDE: September WTI: $119.40/bbl, up $0.23/bbl. September BRENT: $118.18/bbl, up $0.48/bbl

 

Oil prices traded in positive territory for most of the morning session partly due to the US dollar losing some ground. The markets were also focusing on the weekly US stock data scheduled for release later in the afternoon.

 

NAPHTHA: Open spec spot cargoes were assessed in a $957-967/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $7/tonne on the buy side of the range set at the end of trading on Tuesday. September swaps were pegged at $957-960/tonne CIF NWE.

 

BENZENE: Front month bids for European benzene were talked below $1,300/tonne for the first time in two months, at $1,295/tonne CIF ARA for August, with offers talked at $1,315/tonne CIF ARA. September was seen at a discount, offered at $1,295/tonne CIF ARA.

 

STYRENE: The market quoted a bid/offer spread of $1,680-1,740/tonne FOB Rotterdam for August, down $10/tonne on the sell side of the previous close. September was not yet talked, and EU material was still held to be at a $50/tonne premium to any origin.

 

TOLUENE: A firm bid and offer were heard at $1,060/tonne and $1,080/tonne FOB Rotterdam for August loading toluene in Europe, up $10/tonne on the buy side of the previous close.

 

MTBE: Prices for MTBE continued to weaken with bids and offers heard at a factor over gasoline of between 1.055-1.075. A fixed price bid/offer range was also heard between $1,066-1,070/tonne FOB (free on board) AR (Amsterdam Rotterdam) and a trade was rumoured within this range. Gasoline traded between $990-992/tonne FOB AR. A trader commented that flat price MTBE trades were more common on a Wednesday due to the weekly US stocks data. The market was generally assessed as quiet due to a large number of market participants being away on holiday.

 

XYLENES: A PX offer was heard at $1,435/tonne FOB Rotterdam on Wednesday morning but could not be confirmed as firm. The bid/offer range was assessed stable at $1,375-1440/tonne FOB Rotterdam.

 

For more pricing intelligence please visit ICIS pricing

 

 

By: Staff Reporter
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly