NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: September WTI: $119.95/bbl, up $1.36/bbl. September BRENT: $118.10/bbl, up $1.10/bbl

The markets switched focus to supply concerns in Iran, Nigeria and Turkey and prices traded more than $1/bbl up from Wednesday for most of the session.

NAPHTHA: Open spec spot cargoes were assessed in a range of $974-984/tonne CIF (cost, insurance and freight) NWE (northwest Europe), up $13/tonne on the buy-side of the range set at the end of trading on Wednesday. September swaps were pegged at $974-979/tonne CIF NWE.

BENZENE: Bid/offer indications were talked stable for August benzene, at $1,295-1,315/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) with September seen lower at $1,275-1,295/tonne CIF ARA in a quiet session.

STYRENE: Bid/offer indications for August loading styrene were heard $10-30/tonne lower than at the previous close, at $1,650-1,690/tonne FOB (free on board) Rotterdam, with September valued at $1,610-1,640/tonne FOB Rotterdam.

TOLUENE: The buy/sell gap for European toluene opened up to a $40/tonne spread, with players valuing the market at $1,030-1,070/tonne FOB Rotterdam.

MTBE: Bids and offers were heard in the MTBE market at a factor over gasoline of between 1.065-1.075. Gasoline traded between $995-998/tonne FOB AR (Amsterdam Rotterdam), pegging notional MTBE prices between $1,063-1,073/tonne FOB AR. One trader said that indications were bearish, but other participants said that the market was just slow.

A Venezuelan tender for approximately 20,000 tonnes of MTBE was expected to be announced this afternoon, and it was suggested that this may encourage more activity in the market.

XYLENES: The paraxylene market was muted, as buyers and sellers contemplated the range set the previous day at $1,380-1,435/tonne FOB Rotterdam.

For more pricing intelligence please visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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