EVENING SNAPSHOT - Europe Markets Summary

06 August 2008 17:16  [Source: ICIS news]

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

  

CRUDE: September WTI: $117.41/bbl, down $1.76/bbl. September BRENT: $115.81/bbl, down $1.89/bbl

 

Oil prices initially fell when the US weekly statistics showed a bigger than anticipated crude build, but then regained some of the losses as the data showed a bigger than expected gasoline draw. However, towards late afternoon prices started to post sharp losses again.

 

NAPHTHA: Open spec spot cargoes were assessed in a $961-971/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $4/tonne on the buy side of the range set earlier in the day. September swaps were pegged at $961-963/tonne CIF NWE.

 

BENZENE: Two traders reported three deals, at $1,295/tonne, $1,302/tonne and $1,307/tonne CIF ARA for August. Front month business was talked within a $1,295-1,310/tonne CIF ARA range, with September seen lower yet.

 

STYRENE: A September styrene deal was reported at $1,640/tonne FOB Rotterdam for a 1,000 tonne lot, inter trade with buyer confirmation pending. September was offered at $1,640/tonne FOB Rotterdam and August at $1,700/tonne FOB Rotterdam with no corresponding bids seen. Buyers were pegged $20/tonne lower, at $1,620/tonne FOB Rotterdam and $1,680/tonne FOB Rotterdam respectively.

 

TOLUENE: Bids and offers for European toluene fell into a tighter range in afternoon trading, with buyers and sellers seen at $1,067-1,072/tonne FOB Rotterdam for August but no completed business was noted.

 

MTBE: Traded at $1,065/tonne FOB AR and $1,062/tonne FOB AR between a trader and a producer, both times for 1,000 tonnes, delivery mid-August. Bids and offers were heard earlier between $1,057-1,074/tonne FOB AR. Gasoline traded between $978-979/tonne in the afternoon, pegging the factor for MTBE over gasoline around 1.09. The Energy Information Administration stocks information showed a larger than anticipated draw of 4.4 million barrels on gasoline. Analysts had predicted a draw of 1.8 million barrels.

 

XYLENES: The paraxylene market seemed to be picking up on Wednesday, as a bid was heard at $1,380/tonne FOB Rotterdam. With an offer reported this morning at $1,435/tonne FOB Rotterdam, the range was adjusted to $1,380-1,435/tonne FOB Rotterdam, to reflect market sentiment. With the Asian August contract negotiations still in full swing, it was unsure if much further activity would take place.

 

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
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