NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: September WTI: $117.94/bbl, down $2.08/bbl. September BRENT: $115.95/bbl, down $1.91/bbl

 

Crude prices traded more than $1/bbl down throughout the morning session. The downside was due to an ease in supply concerns after reports that a pipeline fire in Turkey could be extinguished by the weekend and a rebound in the US dollar.

 

NAPHTHA: Open-spec spot cargoes were assessed in a $956-966/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $12/tonne on the buy side of the range set at the end of trading on Thursday. September swaps were pegged at $956-957/tonne CIF NWE.

 

BENZENE: The $1,300-1,320/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) range for August and $1,285-1,300/tonne CIF ARA for September were the last bids and offers mentioned on the physical market.

 

Meanwhile, two paper trades were reported. Industry bought 1,000 tonnes of September loading material at $1,292.50/tonne CIF ARA and trade sold a further 1,000 tonnes on an index-related formula.

 

STYRENE: Price ideas shifted up to $1,700-1,740/tonne FOB (free on board) Rotterdam for August and $1,630-1,670/tonne FOB Rotterdam for September on Friday morning. These levels were up from $1,670-1,700/tonne FOB Rotterdam and $1,625-1,650/tonne FOB Rotterdam.

 

TOLUENE: Buy ideas shifted down to $1,040/tonne FOB Rotterdam versus $1,070/tonne FOB Rotterdam as a sell idea. The last August toluene trade was conducted on Thursday evening at $1,070/tonne FOB Rotterdam.

 

MTBE: The market was quiet on Friday morning with methyl tertiary butyl ether (MTBE)  bids and offers at a factor over gasoline of 1.065-1.08 for August delivery. Gasoline traded between $988-992/tonne FOB AR (Amsterdam Rotterdam) over the morning, pegging flat prices for MTBE between $1,052-1,071/tonne FOB AR. Market participants said that if the recently awarded Venezuelan tenders were sourced out of northwest Europe then the market could firm slightly over the coming weeks.

 

XYLENES: The paraxylene (PX) market remained quiet on Friday morning with no new bids or offers heard. The range was kept stable 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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