NOON SNAPSHOT - Europe Markets Summary

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

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

CRUDE: September WTI: $116.15/bbl, up $0.95/bbl. September BRENT: $114.20/bbl, up $0.87/bbl.

 

Having earlier posted gains of around $2/bbl on the back of concerns over supply disruptions due to the conflict between Russia and Georgia, prices eased on news that exports from a couple of Georgian ports were only slightly disrupted.

 

NAPHTHA: Open-spec spot cargoes were assessed in a $939-949/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, up $2/tonne on the buy side of the range set at the end of trading on Friday. September swaps were pegged at $939-940/tonne CIF NWE.

 

BENZENE: The European spot benzene market saw sellers but no buyers a the open of the week's business, with the market pegged steady from the previous week’s close at $1,240-1,250/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp) for both months

 

STYRENE: Bid/offer indications for spot styrene in Europe were talked largely stable from the previous week's close, at $1,700-1,740/tonne FOB (free on board) Rotterdam for August and $1,610-1,640/tonne FOB Rotterdam for September.

 

TOLUENE: A firm August offer for European toluene was heard at $1,060/tonne FOB Rotterdam with no corresponding buyers noted and bids pegged at $1,000/tonne FOB Rotterdam, up $20/tonne from the previous week's close in line with sellers's ideas.

 

MTBE: In the methyl tertiary butyl ether (MTBE) market only one offer was heard at a factor over gasoline of 1.095. Gasoline traded between $972-976/tonne FOB (free on board) AR (Amsterdam Rotterdam), pegging the flat price for the above MTBE offer between $1,064-1,069/tonne FOB AR. A producer said that in northwest Europe there was not much demand and that in the Mediterranean the market was more quiet. The market overall was assessed as balanced.

 

XYLENES: No paraxylene (PX) trades were heard, as players still seemed to be waiting for an Asian contract settlement for August. The bid/offer range was pegged 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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