EVENING SNAPSHOT - Europe Markets Summary

08 August 2008 17:21  [Source: ICIS news]

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

CRUDE: September WTI: $116.11/bbl, down $3.91/bbl. September BRENT: $113.86/bbl, down $4.00/bbl.

Prices registered losses of more than $4/bbl during the afternoon as the markets switched focus from supply concerns to a slowing global demand.

NAPHTHA: Open spec spot cargoes were assessed in a range of $937-947/tonne CIF (cost, insurance and freight) NWE (northwest Europe), down $19/tonne on the buy-side of the range set earlier in the day. September swaps were pegged at $937-938/tonne CIF NWE.

BENZENE: Deals were reported at $1,275/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) and $1,262/tonne CIF ARA for September whilst August was also reported as trading at $1,260/tonne CIF ARA. Bids and offers fell steadily throughout the day, to $1,240-1,250/tonne CIF ARA for both months, as the market moved out of backwardation into front and forward month parity.

STYRENE: Business was confirmed at $1,630/tonne and $1,655/tonne FOB (free on board) Rotterdam for September and $1,690/tonne, $1,710/tonne and $1,750/tonne FOB Rotterdam for August with the latter two front-month deals for EU-origin material. 

September was valued at $1,625-1,640/tonne FOB Rotterdam and August pegged at $1,700-1,750/tonne FOB Rotterdam.

TOLUENE: A bid of $980/tonne FOB Rotterdam was countered by an offer at $1,040/tonne FOB Rotterdam for August loading material with players seeing little opportunity for trading.

MTBE: MTBE traded seven times. Six were for 1,000 tonnes, three of which were at $1,056/tonne FOB (free on board) AR (Amsterdam Rotterdam), two at $1,053/tonne FOB AR and one at $1,055/tonne FOB AR. One trade was concluded at $1,050/tonne FOB AR for 2,000 tonnes. All were for mid to late August delivery.

Gasoline traded between $973-977/tonne FOB AR, pegging the notional factor for MTBE between 1.06-1.08.

XYLENES: The paraxylene market failed to pick up, and no new bids or offers were heard. The market was assessed stable at $1,380-1,435/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